Avalanche (AVAX) is currently trading at $9.23, reflecting a 24-hour change of 1.23%. The daily range has been relatively narrow at $0.39, indicating low volatility, with the price oscillating between a high of $9.41 and a low of $9.02.

The trading volume stands at approximately 205.72 million, which contributes to a volume-to-market cap ratio of 5.16%. The current price is supported by short-term moving averages, with the 8 SMA at $9.20 indicating a slight upward trend, and the 55 SMA at $9.02 showing more substantial gains over the longer term.

The 1-hour RSI is positioned at 61, suggesting that AVAX is nearing overbought territory, while the 7-day RSI at 49 indicates that the asset is neutral in the short to medium term. Over the past 30 days, AVAX has experienced a significant decline of approximately 24.20%, contrasting with a modest increase of 2.02% over the last 14 days.

Despite the recent price fluctuations, AVAX remains significantly below its all-time high of $144.96, set in November 2021, indicating potential for growth if market conditions improve. The current price action and volume indicate a cautious optimism, yet the overall trend suggests that the cryptocurrency is still struggling to regain previous highs.

Given the mixed technical indicators and the substantial decline over the past month, a Hold rating is advised. This stance allows investors to monitor potential recovery patterns while avoiding exposure to further downside risk in a volatile market environment.