Wrapped AVAX (WAVAX) is currently trading at $22.85, showing a 3.96% increase over the past 24 hours. The daily range has been relatively stable with a low of $21.84 and a high of $22.84, indicating modest volatility within a tight band.

Volume stands at 136,942,251, with a volume-to-market cap ratio of 38.49%, suggesting strong trading activity and interest in WAVAX. The upward momentum is supported by moving averages, with the short-term SMAs showing positive trends, particularly the 8 SMA at $22.13, reflecting a 3.26% increase.

The 1-hour RSI is elevated at 77, indicating that WAVAX may be overbought in the very short term. Conversely, the 7-day RSI at 53 suggests that the asset is neither overbought nor oversold, showing a balanced outlook over a longer period.

Over the past week, WAVAX has declined by 5.14%, but it has rebounded significantly over the last 30 days with a price increase of 26.21%. This contrast indicates a potential recovery phase after recent selling pressure, supported by the strong volume.

Given the current technical indicators and price action, WAVAX displays bullish momentum driven by recent buying interest. However, the high 1-hour RSI suggests a cautionary stance in the immediate term, as a pullback could occur.

Overall, the combination of positive short-term SMA trends, solid trading volume, and a recovering price action over the past month supports a bullish outlook. Therefore, the recommendation is to Hold WAVAX at this time, as potential short-term corrections may offer a better buying opportunity without risking current gains.