Avalanche (AVAX) 12% Bull Rally Hits 30-Day High: Will the Resistance Hold?

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AVAX price surges 12.43% to $40.65, hitting a 30-day high.
Bullish momentum pushes market cap and trading volume jump by 12.44% and 138.78%.
AVAXUSD technical indicators point to potential resistance at $45 and $50.

Avalanche (AVAX) has been experiencing a significant upswing over the past 24 hours, with support established at $35.74. The bullish trend propelled AVAX’s price to a 30-day high of $41.06 before it encountered resistance. At the time of writing, AVAX is trading at $40.65, marking a surge of 12.43% from its intra-day low.

AVAX/USD 24-hour price chart (source: CoinMarketCap)

During this rally, the market capitalization and 24-hour trading volume of AVAX increased by 12.44% and 138.78%, respectively, to $15.56 billion and $828.9 million.

Market Influences and the Ethereum Connection

The recent rally in AVAX can be partly attributed to the broader market optimism spurred by significant developments in the Ethereum ecosystem. Notably, crypto analyst KALEO hinted at a potential bullish season for Ethereum Virtual Machine (EVM) compatible Layer 1 (L1) solutions, triggered by news of a potential approval for a spot Ethereum ETF.