Avalanche Price Breakout Setup Points to New Highs

Avalanche (AVAX) has been trading inside a 110-day range, with the upper limit at $10.30-$10.50. The cryptocurrency's staking activity indicates long-term holder confidence, as 44.66% of AVAX supply is locked in staking.

However, a significant amount of AVAX is expected to be unstaked through June and July, which could increase volatility if some of that supply returns to the market.

The falling wedge pattern on the 4-hour timeframe suggests a potential breakout, with the next upside targets at $11.50 and $12.80 if AVAX reclaims $10.20.