币界网报道：Avalanche [AVAX] has recorded gains of 2.62% in the past 24 hours, its first positive performance after a 26.22% drop in a month. Analysis shows that these gains came from smart investors making huge profits from early bets on AVAX. However, the key question remains: will this inspire new confidence or trigger a sell-off? Smart money profits but holding AVAX Nansen's analysis shows that despite the overall 13% drop in prices, smart money in AVAX has made significant profits. Here, "smart money" refers to investors known for making profitable bets, buying low and selling high. Reports show that during this period, these investors have made profits of up to 375%, with unrealized gains of nearly $1 million, spread across 11 positions. Normally, investors with such strong returns would be expected to sell off their holdings and cash out. However, at press time, they are continuing to hold their positions. In contrast, retail investors are taking a different tack and selling their assets. Retail data shows bearish bias According to data from CoinGlass, retail investors have begun cashing out, taking advantage of the recent price rally. At the time of writing, spot retail investors have reversed their buying behavior from the previous week (when they accumulated $11.9 million worth of AVAX) and have now begun selling. In the past 24 hours alone, these investors have sold $821,000 worth of AVAX, putting downward pressure on the price. Similarly, derivatives retail traders have begun opening short positions, betting on the price of AVAX to fall further. This trend is confirmed by the open interest weighted funding rate. This indicator is used to analyze sentiment in the derivatives market, indicating whether traders are buying or selling. As of now, the indicator has fallen into negative territory, reading -0.0022% after remaining positive for the previous few days. Both spot and derivatives retail investors have a bearish stance, highlighting the negative sentiment that is prevalent in the AVAX market. AVAX Chart Shows Breakout, But Resistance Remains On the chart, AVAX shows a bullish path as it breaks above the resistance level in a descending channel pattern. Typically, such a breakout could lead the price back to the peak of its breakout channel, offering traders sizable gains. However, rising selling pressure could make such a move increasingly difficult. Moreover, a key resistance level lies ahead. If the price is able to break above the first resistance level, it could indicate that the bullish trend remains intact. Nonetheless, another major hurdle lies at $19.81. Surpassing this level could push the price into the $22 range, which would imply a 27% gain from the initial breakout point. Market Shows Neutral Sentiment At press time, the total value locked (TVL) remains stagnant, showing no notable inflows or outflows in the past 24 hours. The current market behavior reflects investor indecision, which could affect AVAX’s overall momentum. With the broader sentiment turning negative, AVAX could face a potential pullback, challenging the strength of its recent upward move.