AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?
The open interest for AVAX has consistently risen over the last month, reaching May 2022 levels and signaling a potential price rally. Open interest has grown from $82.8 million on October 20 to $224 million on November 20, a 170% increase. Binance remains the largest player, commanding almost half the total open interest at 4.48 million AVAX. Following, ByBit and BingX account for the second and third largest open interests respectively at 2.04 million and 1.24 million AVAX. The largest daily growth was recorded on the Bitmex exchange at 17.78%. Previous trends show that when the open interest rises quickly, as it has done, the price tends to increase too. This suggests that the AVAX could feasibly trade above its current price, potentially reaching above $30, with one analysis suggesting a fair price of around $40.
