Avalanche (AVAX) shows bullish momentum toward $8 level

Avalanche (AVAX) has shown bullish momentum, moving toward the $8 level following a retest of the $7 resistance zone. This upward trend occurred despite a broader setback in Bitcoin prices.

Market indicators show rising spot CVD and an increase in Open Interest from $145.6 million to $164.9 million. Additionally, Aave V4 deposits on the Avalanche network reached an all-time high of $19.1 million. While the daily RSI indicates strong momentum at 66.6, analysts note that the higher timeframe structure has remained bearish since June. For the current bullish trend to persist, the $7.11 support level must hold, with a breakout past the $8.1 supply zone potentially leading to targets of $8.65 and $9.46.