BENQI Liquid Staked AVAX (SAVAX) is currently trading at $17.04, reflecting a 6.72% increase over the last 24 hours. The daily price range of $15.86 to $17.05 indicates a relatively narrow fluctuation, suggesting a consolidation phase amidst increasing trading activity with a volume of over 1 million.

Technical indicators show a bullish short-term sentiment with the 8 SMA at $16.82 and a positive 1.31% change, while the 13 and 21 SMAs are also trending upward. However, the 144 SMA at $17.44 indicates potential resistance, as it has registered a decrease of 2.27%, hinting at possible price retracement in the near term.

The 1-hour RSI is at 74, indicating that SAVAX is overbought in the short term, which could lead to a pullback. In contrast, the 7-day RSI at 43 suggests a neutral position over a longer timeframe, indicating that sellers may still have some influence.

In terms of price performance, SAVAX has seen a 7-day decline of approximately 2.25% and a 14-day decline of about 5.58%. The more concerning trend is the 30-day price change of nearly 23.79%, which underscores a significant downward trajectory that may impact investor sentiment.

Given the current technical indicators and the recent price performance, a cautious approach is warranted. The short-term bullish momentum may lead to further upside, but with overbought conditions and bearish longer-term trends, the recommendation is to Hold. This strategy allows investors to reassess market conditions while monitoring the potential for a breakout above resistance levels.