Avalanche (AVAX) is trading near $23 after a significant rejection at the key level of $26.50. This has pushed AVAX price lower, with analysts suggesting a possible move towards the crucial support zone of $16. Weekly charts show prolonged consolidation, leaving the token trapped between $8.61 and $32 since mid-2022. 24-hour trading volume is at $613.4 million. Technical analysis indicates repeated rejection around $26.50. A break below this level could signal deeper selling pressure, pushing AVAX towards the support zone of $16. Market expert Ali Martinez tweeted about a potential move toward $21 before hitting $16. He explained that this is based on channel pattern projections. 24-hour price changes are minimal at 0.15% gain, while AVAX has fallen 7% in the past week. The daily chart shows repeated rejection at $26.50 and a lack of progress towards breakout. While support remains around $23, a sustained bearish trend could push prices down to $16.