Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?

Avalanche’s open interest has reached a new all-time high, signaling a potential bullish trend for AVAX. The open interest rose to $413 million following AVAX’s surge to $40, with daily highs being consistently achieved in December. The surge in open interest began in October and has seen a remarkable increase of over 400% between November and December. Binance and ByBit account for 73% of the total open interest, with other exchanges also contributing significant amounts. While AVAX’s price still has a significant distance to travel before reaching its all-time high of $146, the rise in open interest remains optimistic for the price. Historical performance indicates that the price of AVAX tends to rise when open interest is on the rise. A further increase in open interest, particularly above $500 million, could potentially push AVAX beyond the $50 mark. However, reaching $100 may take more time and is anticipated to occur sometime in 2024. As always, it is crucial to conduct thorough research and understand the risks associated with investing before making any decisions.