This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The open interest for AVAX, an altcoin, has been steadily increasing over the past month, causing the price to rise as well. This surge in open interest has now reached levels not seen since May 2022, which could potentially lead to a significant rally in the price. According to data from Coinglass, the AVAX open interest has climbed to $224 million, with a 10% increase in a 24-hour period. Binance holds almost half of this open interest, followed by ByBit and BingX. However, the largest jump in open interest was recorded on Bitmex exchange. Overall, the open interest in AVAX has grown by 170% in one month, from $82.8 million to $224 million. The last time the open interest was this high, the price was trading above $50, suggesting the possibility of a rally above $30. Historical performance indicates that when the open interest rises quickly, the price tends to follow suit. If this trend continues, $30 may only be the starting point for the AVAX price, with the fair value estimated to be around $40.