Avalanche's AVAX Struggles to Rebound Amid Persistent Bearish Sentiment

Avalanche's AVAX has been struggling in the cryptocurrency market since its peak during the DeFi summer of 2021-22. Despite still having a significant market cap, the coin has failed to recover and maintain its value.

The recent attempt by AVAX to break above $10 was met with rejection, indicating that bearish sentiment is still prevalent in the market. According to a crypto analyst, this rejection could lead to further weakness and a potential drop to $8.7-$9.0 if the bulls are unable to overcome resistance at $9.75.

The analyst highlights key resistance levels at $9.75, $9.82, and $10.28, as well as support levels at $9.48, $9.06, and $8.71. A rejection below $9.75 would trigger a drop to the $8.7-$9.0 level, which could have significant implications for token holders and DeFi participants.