Avalanche (AVAX) drops 3.75%, marking the second consecutive trading day of decline. Trading volume surged over 18% to $265 million, indicating that the bearish momentum is strengthening. Analysts warn that if AVAX fails to hold the key support level at $8.50, it could face a decline of up to 30%, with a target price of $5.69. Derivatives data shows traders have established $3.46 million in leveraged short positions, with the target price mainly centered around $8.04, suggesting that traders generally expect the price to fall further. One analyst even predicts the price could drop to $6.55.