AVAX 8H – Supply Rejection, Watching 20.6 Support Inside Channel

Avalanche continues to trade inside a descending channel, with the most recent bounce failing at the 24–25 supply zone.

Current price action sits mid-channel near 22.8, leaning bearish after rejection.

If weakness persists, the next major downside level to watch is the 20.6 support.

A breakdown below 20.6 could extend toward channel support near the high teens.

Bulls must reclaim the supply zone + channel resistance to flip structure bullish.

This setup matches the broader theme across alts — supply rejections inside downtrend channels, keeping pressure to the downside unless key levels break.