AVAX Price Eyes Rebound as Granite Upgrade Approaches

Avalanche (AVAX) has plummeted 72% from its November peak, reaching a critical $15.67 support level as the network prepares for its landmark Granite upgrade on November 19.

The Avalanche ecosystem stands at a pivotal juncture, with its native token testing a crucial support level that has held firm since March while the network gears up for one of its most significant technological upgrades in history.

Trading at $15.67, AVAX has witnessed its market capitalization shrink from $13 billion to $6.7 billion, reflecting broader cryptocurrency market pressures. However, the upcoming Granite mainnet activation, following successful testing on the Fuji testnet, introduces transformative features including enhanced cross-chain messaging, biometric authentication support, and dynamic block times for accelerated transaction processing.

Network Growth Amid Market Turbulence

Despite price challenges, Avalanche demonstrates remarkable network expansion. Transactions surged 102% over the past 30 days to reach 63 million, while the user base grew approximately 7% to exceed 719,340 active participants, according to Nansen data.

The network faces mixed signals as broader market conditions weigh on performance. Stablecoin supply decreased 2.52% over seven days to $2.15 billion, while DEX volume plummeted from a monthly high of $407 million to $108 million. Total value locked has retreated to $2.05 billion from the year-to-date peak of $3.51 billion.

Technical Outlook Points to Critical Juncture

Technical analysis reveals AVAX has formed a death cross pattern, with the 50-day and 200-day Exponential Moving Averages crossing bearishly. The current price sits precisely at the Murrey Math Lines weak stop and reverse point, establishing $15.26 as a make-or-break level.

A breakdown below this support could trigger additional selling pressure toward the $12.50 ultimate support level. Conversely, a successful defense and rebound might propel the token toward the Major S/R pivot point at $25, representing a potential 60% upside from current levels.

Bottom Line: The Granite upgrade represents a crucial catalyst for Avalanche, arriving as the token tests multi-month support levels. While network fundamentals show encouraging growth in transactions and users, the ultimate price direction will depend on whether AVAX can maintain its critical $15.26 support amid broader cryptocurrency market volatility.