Major SellOff Concerns Cause Avalanche AVAX Price to Plummet by 10

Avalanche (AVAX), a leading large-cap cryptocurrency, has experienced a significant drop of over 10% in the past 24 hours, making it the top loser among major digital assets. The price of AVAX has fallen from its recent high of $27.90 to $24.86, reaching its lowest point this year. This decline represents a substantial decrease of approximately 60% from its yearly peak of $60.69. The drop in AVAX’s value is due to an entity transferring 1.96 million AVAX tokens, worth $54.2 million, to various cryptocurrency exchanges, including Coinbase, Binance, and Gate. These transactions, facilitated by cross-chain bridges such as THORChain, have exerted significant downward pressure on the price of AVAX, resulting in a sudden 10% drop. Despite the price decline, AVAX’s daily trading volume has surged by over 109%, reaching $509 million, highlighting the market’s heightened response to the recent selloff. If the downward trend persists, AVAX may fall further to a critical support level of $23, potentially triggering further declines. Conversely, if Avalanche can maintain its current price of around $25, it might initiate a new upward trend toward $28, paving the way for further gains.