Avalanche’s token AVAX rose more than 6% in the last 24 hours, outperforming the broader crypto market, which saw only a 0.8% increase according to the CoinDesk 20 index. The token's climb from a low of $19.37 to $20.96 followed significant developments in real-world asset (RWA) tokenization and increased institutional commitment. This price rebound came after a period of volatility caused by tensions between U.S. President Donald Trump and Tesla CEO Elon Musk. Trump threatened to cancel government contracts with Musk, who countered with accusations related to the Jeffrey Epstein files.
AVAX has shown strong bullish signs, supported by data from CoinDesk’s Research technical analysis model, confirming a strong buy zone around $19.40 reinforced by trading volume exceeding the daily averages. The token reached a price point above $20, establishing short-term resistance at $21 and support at $20.81. Recent news also points to greater institutional backing: FIFA selected Avalanche to power its blockchain network, intending to migrate its NFT collection from networks like Algorand and Polygon to this new platform.
Furthermore, asset manager VanEck plans to launch a $100 million PurposeBuilt Fund focusing on the Avalanche ecosystem, targeting projects in gaming, finance, and AI, which reinforces positive sentiment and market dynamics. While AVAX may confront technical resistance at $24.80, the ongoing institutional developments and network partnerships could provide support against broader market fluctuations over the coming weeks.
AVAX has shown strong bullish signs, supported by data from CoinDesk’s Research technical analysis model, confirming a strong buy zone around $19.40 reinforced by trading volume exceeding the daily averages. The token reached a price point above $20, establishing short-term resistance at $21 and support at $20.81. Recent news also points to greater institutional backing: FIFA selected Avalanche to power its blockchain network, intending to migrate its NFT collection from networks like Algorand and Polygon to this new platform.
Furthermore, asset manager VanEck plans to launch a $100 million PurposeBuilt Fund focusing on the Avalanche ecosystem, targeting projects in gaming, finance, and AI, which reinforces positive sentiment and market dynamics. While AVAX may confront technical resistance at $24.80, the ongoing institutional developments and network partnerships could provide support against broader market fluctuations over the coming weeks.
