Avalanche (AVAX) fell 4.62% on October 13 to trade at $10.47, landing exactly on its session pivot point. The token now sits just seven cents above $10.40, a level that has functioned as a bull floor in recent sessions.
While the spot price slipped, derivatives markets moved the other way. Binance futures open interest for AVAX jumped 11.57% over 24 hours — a sign that traders are adding leveraged positions rather than stepping aside during the pullback.
The $10.40 line in the sand
The $10.40 area has served as a floor for AVAX bulls in recent trading. With the spot price closing in on that level, the question is whether buyers will defend it again or whether the 4.62% decline marks the start of a deeper move. A break below $10.40 would put the token at its lowest level in this stretch.
What makes the setup interesting is the open interest data. Rising OI alongside a falling price often means new short positions are being opened. But it can also reflect longs adding to losing positions, betting on a bounce. Right now, the market is voting with its margin balance, and the vote is split.
Derivatives traders aren't backing down
The 11.57% open interest increase on Binance futures is the standout number from the session. While spot traders sold down to $10.47, futures participants added exposure. That divergence doesn't guarantee a specific direction, but it does suggest someone expects volatility ahead.
Session pivot points are a common reference for intraday traders. AVAX closing the day exactly at its pivot means price discovery paused rather than resolved. The next session will open with both bulls and bears having fresh ammunition.
CoinEdition published a bullish thesis on AVAX on October 6, but the full details of that analysis are not available in the current data. What's clear is that the token has given back ground since the start of the month. The $10.40 floor is now the near-term line that separates a routine pullback from a larger reversal.
For now, AVAX sits at $10.47. The gap between the current price and the floor is small enough that a single session could decide which way it breaks.
Traders watching Binance futures will get the next signal when open interest updates. If the 11.57% increase is followed by more longs, the floor may hold. If it's shorts pressing, $10.40 might not last the week.
