Million

The <a href="https://www.newsbtc.com/avalanche/bullish-sentiment-surrounds-avax-price-as-republic-adopts-avalanche-blockchain/">open interest for AVAX</a> has been on a consistent rise over the last month, carrying the price of <a href="https://www.newsbtc.com/news/avalanche-avax-rumbles-with-45-rally-rules-top-20-coin-listing-today/">the altcoin</a> along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price. 
<h2 class="p2" id="avax-open-interest-surge-to-224-million">AVAX Open Interest Surge To $224 Million</h2> 
According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX. 
<a href="https://www.newsbtc.com/news/bitcoin/19197-btc-bitcoin-recovery/">Binance</a> actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-561491 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=460&amp;resize=460%2C159" alt="AVAX open interest" width="460" height="159" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=2824 2824w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=460&amp;resize=460%2C159 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-20-at-10.47.03.png?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<a href="https://www.newsbtc.com/bitcoin-news/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge/">ByBit exchange</a> accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day. 
The largest jump in open interest was recorded on the <a href="https://www.newsbtc.com/news/bitcoin/no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts/">Bitmex exchange</a> as it rose 17.78% to bring the crypto exchange’s total open interest to 55,340 AVAX with $1.53 million. Altogether, the <a href="https://www.newsbtc.com/avalanche/avalanche-shines-with-a-31-rally-can-avax-bulls-maintain-push-to-22/">open interest in the altcoin</a> has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/MXv678Ms/" alt="AVAX price chart from Tradingview.com (Open interest)" width="2650" height="1742"> 
<h2 class="p2" id="can-price-cross-30">Can Price Cross $30?</h2> 
The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the<a href="https://www.newsbtc.com/avalanche/bullish-sentiment-surrounds-avax-price-as-republic-adopts-avalanche-blockchain/"> open interest</a> crossed $220 million was in May 2022 when the price was still trading above $50. 
Also, taking a look at AVAX’s historical performance, it shows that whenever the <a href="https://www.newsbtc.com/news/avax-price-boost-could-be-from-this-department-but-its-tvl-sings-a-different-tune/">open interest has risen quickly</a>, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55. 
If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning <a href="https://www.newsbtc.com/analysis/avax/avax-price-prediction-avalanche-bulls-aim-30/">the altcoin</a> could be trading well below its fair value.

AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?

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