AVAX Open Interest Reaches $224 Million
The open interest for AVAX has been consistently increasing over the past month, leading to a surge in the altcoin’s price. The open interest has now reached levels not seen since May 2022, indicating a potential significant rally for the price.
AVAX Open Interest Data
Coinglass data reveals that the AVAX open interest has climbed to $224 million, with a 10% increase in the past 24 hours, bringing the total open interest to over 10.04 million AVAX. Binance holds nearly half of this open interest, totaling 4.48 million AVAX, worth over $100 million. ByBit and BingX also contribute significant open interest, but the largest jump in the last day was recorded on Bitmex exchange.
Historical Performance and Potential Price Rally
Historical data shows that rapid increases in open interest have been followed by price surges. For example, in August 2021, the open interest jumped from $14.53 million to $123.5 million, and the AVAX price rose from $19.15 to $55. If this trend continues, the current open interest could indicate a fair price of around $40 for AVAX, signaling that the altcoin may be trading below its fair value, with $30 potentially being just a starting point for the price.
Hot Take: Potential Rally Ahead for AVAX
The surge in AVAX open interest to $224 million suggests a potential upcoming rally for the altcoin’s price, with historical data indicating that the price tends to follow open interest increases. If this pattern holds, the current open interest could indicate that AVAX is trading below its fair value, making $30 just the beginning for potential price growth.
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