AMBCrypto reports that AVAX has continued to fall by 14% in the past 24 hours, with selling pressure covering the entire crypto market. Despite active on-chain whale activity, the price has yet to find support.

Key support level breached

AVAX has broken below the monthly support level of $8.05, a level that has held since February. The current price is also below major index moving averages, indicating a clear weakening of the short-term trend.

Short sellers have the upper hand

Data shows that over 70% of positions are short positions. Market bets are on a continued decline, while buying interest has yet to recover. AVAX's open interest has also fallen to approximately $159 million, indicating a simultaneous cooling in participation.

Insufficient whale buying

The article points out that while whales remain active on the blockchain, there has been no significant increase in their holdings. Large holders did not quickly absorb the selling pressure during this pullback, thus market sentiment remains weak. If buying interest does not return sufficiently, AVAX may continue its downward trend.