Avalanche (AVAX), the native cryptocurrency of the Avalanche blockchain, has been making waves in the crypto market lately. According to the latest data, AVAX is currently trading at $40.16, down slightly by 0.67% in the last 24 hours but up 16% over the last seven days.

The recent price action has been fueled by a key breakout, as AVAX has successfully breached a consolidation phase that had kept it range-bound between $30 and $39 for several weeks. This breakout confirms the bullish momentum that has been building up, setting the stage for a potential rally toward the $50 resistance level and beyond.

One of the driving factors behind AVAX's bullish trajectory is the growing adoption and usage of the Avalanche blockchain. The Total Value Locked (TVL), a metric that measures the total value of digital assets staked or locked in a decentralized finance (DeFi) platform or decentralized application (dApp), has been steadily increasing for Avalanche. Currently, the TVL on the Avalanche blockchain stands at $1.032 billion, indicating a high level of trust and confidence in the platform.

AVAX Technical Analysis

The technical indicators for AVAX are bullish. The MACD (Moving Average Convergence Divergence) is in positive territory, showcasing the bullish momentum that has been present lately. Additionally, the MACD Histogram is heightening, and the bands are broadening, further signifying the building of bullish momentum.

The RSI (Relative Strength Index) currently stands at 58, above the neutral level of 50, indicating that AVAX still has room for further gains if the recent resistance level at $39, which turned to support, holds against further declines. 

The AVAX Long/Short Ratio Chart also supports the bullish narrative, as it shows that bulls have gained momentum over the last several days, with more traders taking long positions compared to short positions.

Given the recent developments and the strong fundamental and technical indicators, industry experts are optimistic about the future of AVAX. Some analysts predict that the price of AVAX could soar as high as $248.81 in 2024, driven by various factors.

One of the catalysts for this potential price surge is the Avalanche Foundation's efforts to boost its memecoin ecosystem through a liquidity injection program. Additionally, the recent partnership between Avalanche (AVAX), ANZ Banking Group and Chainlink Labs to explore the potential of digital assets on blockchains has also generated positive sentiment around the project.

The impressive 18% price surge of AVAX over the last 7 days and after a broader market sell-off further reinforces the resilience and potential of this crypto.