Avalanche (AVAX) experienced a dramatic 27% drop amid a widespread market sell-off, resulting in $222 million in liquidations, with 93% originating from long positions. Despite the steep decline, AVAX quickly rebounded from a low of $10 to $22 within five minutes, fueled by strong spot demand and on-chain accumulation. Decentralized exchange (DEX) volume for AVAX surged to $827 million, marking the highest level in two weeks. This increase in trading activity suggests robust buyer interest, as a support wall formed near $22, potentially paving the way for a move toward $30.