Avalanche has pushed the limits of the investors with its continuous price decline, yielding no returns for long-term holders. With negative sentiments surrounding its blockchain, AVAX price has also faced a major blow as investors have shifted their focus to short-term gains, leading the token to a potential price slump.

Leading market experts and Avalanche holders are voicing their discontent with AVAX price trajectory and other projects built on Avalanche blockchain. AVAX price has followed a disappointing trajectory for over a month and other crypto projects like GMX and JOE have been witnessing massive price declines. 

just gonna dump the rest of them and sell this avax bag at the market top and never visit this chain again

— notsofast (@notsofast) May 12, 2024

This has led to significant volatility for the Avalanche where bulls are trying to defend crucial support levels, however, the overall sentiment is bearish for AVAX. Many investors have dumped their AVAX holdings to mitigate potential losses from the current high volatility of the Avalanche ecosystem.  

Avalanche price is down by 11% on the monthly chart, trading at $32.1 at press time. This price point has blown a wave of fear among analysts as the price lies just above the critical support level of $30.74. Moreover, AVAX investors focus on short-term gains as holding periods have significantly dropped according to on-chain analysis. 

Analysts suggest that if AVAX price consolidates and buyers fail to defend the $30.7 support level, the token can the path to trade below $20 again. Next support levels are found between the $25 – 27 range which can be marked as a make-or-break situation in case of the price drop. 

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