In the world of cryptocurrencies, few have experienced the ups and downs like AVAX. Dubbed an "Ethereum killer" in 2021, AVAX reached historic highs only to plummet to new lows. Recently, the altcoin's price has been on a rollercoaster ride, falling from above $60 to below $30. So, what's behind AVAX's erratic behavior?

The current market conditions are largely to blame for AVAX's decline. Bitcoin's price drop from $70,000 to $64,000 has had a ripple effect, causing AVAX to plummet by 28%. This downward spiral has brought AVAX to a critical support level of $25, a price not seen since December 2023. However, the RSI value's fall to 28 indicates an oversold condition, suggesting a potential bounce back.

And bounce back it did. AVAX's price rose by 6% to $26.50, indicating that the $25 level is a crucial support point. Currently, the price is trading below all major technical analysis indicators, signaling a bearish scenario. However, the number of unique addresses holding AVAX tells a different story. Despite the bearish market, the number of addresses has increased, growing from 41,316 on June 3 to 22,060 from June 10 to June 17. This growth suggests a strong foundation for the cryptocurrency's future.

The increase in addresses is particularly noteworthy, as it indicates a growing interest in AVAX despite the bearish market conditions. While the price may be fluctuating, the number of addresses is a more stable indicator of the cryptocurrency's potential. As the market continues to evolve, it remains to be seen whether AVAX will regain its former glory or continue to experience price swings.

In conclusion, AVAX's price movements have been nothing short of dramatic. While the current market conditions may be bearish, the growth in addresses suggests a promising future for the cryptocurrency. As the market continues to fluctuate, investors are holding their breath, waiting to see what's next for AVAX. Will it rebound to its former highs, or will it continue to experience price swings? Only time will tell.