Avalanche (AVAX) surges 9% as social mentions and derivatives activity spike

Avalanche (AVAX) has shown bullish signals in both social and derivatives activity. Social mentions of AVAX hit 0.729%, the highest level in over two months. This increase in social attention often precedes price movements in alternative cryptocurrencies, according to historical data. The rise in social mentions coincided with a 9% increase in AVAX's value, creating a reinforcing pattern between market performance and trader focus.

In the derivatives market, funding rates for AVAX perpetual contracts turned positive after being negative throughout April to June. Positive funding rates indicate that traders are willing to pay fees to maintain long positions, a historical pattern associated with potential upward price trends. Long positions currently dominate AVAX trading, with 75.98% of accounts holding long exposure and a long/short ratio of 3.16. Short position liquidations totaled $2.2 million recently, while long liquidations measured $178,000 during the same period, suggesting orderly market conditions.

AVAX is currently trading at $24.00 USD, reflecting a 5.01% increase in the last 24 hours. It holds a market capitalization of $10.13 billion, ranking it #17 globally. The circulating supply is 422.27 million AVAX, with a total supply of 457.27 million, and a maximum cap of 715.74 million AVAX, giving a fully diluted valuation (FDV) of $17.17 billion. AVAX has recently breached the $23.50 resistance, pushing into the $24.00 psychological level, which aligns with a short-term bullish breakout. If buying pressure continues, the next upside target is $25.20, a technical level last visited in early Q2 2025. Failure to hold above $23.40 could lead to retests at $22.60.

Recent updates from Avalanche include Tencent Cloud integrating Avalanche subnets for game hosting services, increasing AVAX utility within the APAC market and enhancing its role in blockchain-based gaming infrastructure. A fintech platform has launched a tokenized credit marketplace on Avalanche, bringing $40 million in real-world assets (RWAs) on-chain. Circle has integrated native USDC on Avalanche into its institutional custody and settlement platform, enabling fast and cost-effective settlement for U.S. clients across finance and treasury apps. The Avalanche Foundation has voted to expand validator rewards, redirecting unused ecosystem funds to incentivize node uptime and geographic distribution. This is expected to increase decentralization and long-term network health. Avalanche-based decentralized exchanges, Trader Joe and Pangolin, reported a rebound in weekly volumes, driven by new token pairs and auto-compounding LP vaults. This activity has helped stabilize AVAX gas demand and network usage metrics.