Avalanche (AVAX) Price Targets $100 Amid Institutional Derivatives Growth

Deribit has launched an options market for the Avalanche AVAX token. The addition of this options market will increase the number of derivative markets provided by Deribit. The options will be settled in USDC and will coexist with the already existing USDC-settled AVAX perpetual market.

Additionally, eligible users who hold USDC on the Deribit exchange are eligible for monthly USDC rewards, giving extra value for holding the asset. AVAX is further solidifying its position within the realm of institutional-grade offerings and derivatives, which is a clear reflection of the growing institutional interest from around the world.

Also Read:Avalanche (AVAX) Price Holds Steady as Grayscale Advances Spot ETF Filing

AVAX’s Channel Breakout Could Push The rally to $100

However, the crypto analyst Bob Holthaus pointed out that the Avalanche token is trading inside a long-term downward channel in the weekly chart, with prices ranging close to an important level of support at $13 to $14.

This demand area has triggered several previous rallies, indicating buying activity. AVAX is in the process of making a base after a long-term downward trend, with prices staying above $11, which sustains the base, and breaking above $16.50 could target $20.50 and $25.50.

Source: @Bobholthaus1

But if it keeps moving upward, the levels to watch for resistance will be $33.50, $41.50, and $51.50 within the channel. A complete breakthrough above the declining resistance will turn the overall macro trend positive, with levels to watch for being $64, $80, and the target extension level at $100. A fall below $11 could lead to levels of $9 and $7.

Momentum Indicators Show Stabilization

The Avalanche’s weekly RSI is placed at 40.38. The indicator is well below the major 50-level. The average of this indicator is close to 38.31. The regular recoveries from the 30-35 area indicate less selling pressure. Still, there is little bullish strength.

Source: TradingView

The weekly MACD is still below the zero line, with the MACD line close to -2.91 and the signal line around -2.57. The histogram is around -0.33. Since it is a bear histogram, it shows a weak bear momentum. This structure points to fading downside pressure rather than strong selling continuation.

Also Read: Avalanche (AVAX) Breaks Key Trendline as Price Eyes $18 Resistance