Avalanche (AVAX) declined sharply on February 1, 2026, trading at $9.81 after a 3.29% daily drop. Its weekly losses deepened to over 15%, while trading volume surged by 35% to $610 million. Analysts noted conflicting signals, with one highlighting a key historical support level holding on weekly charts and another outlining a bearish short-side target near $8.52. Technical indicators, including Exponential Moving Averages and Bollinger Bands, point to sustained downward pressure.
Avalanche faced continued selling pressure as its price fell to $9.81. Over the past week, AVAX has lost more than 15% of its value.
Analyst Jonathan Carter highlighted that AVAX had retested the lower boundary of a long-term descending triangle. “The support level has been intact since 2021 and has been guiding the trend structure,” he stated.
In contrast, analyst Crypto Patel mentioned a short-side setup targeting $8.52. This level was identified as a “Strong SSL Magnet” for liquidity.
Technical indicators reflected the bearish sentiment. The price remained below key Exponential Moving Averages, with the EMA-20 at $11.90 and the EMA-200 at $17.76.
The Bollinger Bands also widened, indicating increased volatility. The token’s price was trading close to the lower band at $9.72.
Market data shows a divergence between trading volume and open interest for AVAX futures. Volume increased by nearly 16% to $1.02 billion, while open interest declined by over 5% to $412.88 million.
