- Avalanche (AVAX) has surged past $30, outperforming major cryptocurrencies with a 7.1% daily gain.
- Strong institutional interest and ETF filings could push AVAX toward $50–$60 in the coming weeks.
The cryptocurrency market is entering a period of uncertainty ahead of the upcoming US interest rate decision. Amid this cautious environment, Avalanche (AVAX) has emerged as a standout performer, showing impressive gains that have caught the attention of investors and analysts alike.
AVAX Breaks Key Resistance and Gains Strength
Over the past 24 hours, AVAX has surged by 7.1%, reclaiming the crucial $30 level. Its recent performance extends an already positive trend, with the token recording an 18.3% increase over the past week. Notably, Avalanche briefly surpassed $31 last weekend, a level last seen in February, signaling renewed investor confidence.
This rally is particularly remarkable when compared to broader market movements. While Bitcoin recorded a modest 0.4% gain and Ethereum dipped by 0.6% in the same timeframe, AVAX has clearly outperformed many of its peers, establishing itself as one of the market’s top gainers.
Promising Outlook for Avalanche
Analysts remain optimistic about AVAX’s near-term potential. Crypto expert Crypto Feras identifies strong technical signals that suggest Avalanche could continue its upward trajectory. According to Feras, surpassing the $30 resistance may pave the way for a surge toward $50 or higher, representing potential gains of at least 64%.
Further technical analysis using the Fibonacci Bollinger Band (FBB) indicates that breaking the $33 resistance could push AVAX toward $50–$60 in the coming weeks—almost doubling its current price. Compared to its all-time high near $145 in November 2021, there is significant upside potential for investors willing to enter at this stage.
Catalysts Driving AVAX’s Growth
Two key developments appear to be driving Avalanche’s recent surge. First, the Avalanche Foundation announced plans to raise $1 billion from institutional investors, signaling growing confidence from large-scale backers.
Second, asset manager Bitwise filed an application with the SEC to launch an Avalanche exchange-traded fund (ETF). This marks the third such ETF application following similar moves by Grayscale and VanEck, highlighting strong institutional interest in AVAX.
With institutional heavyweights now backing Avalanche and technical indicators signaling further gains, AVAX could soon rival previous high-performing blockchains like SUI, potentially reshaping the competitive landscape in the crypto sector.
ALSO READ:Pi Network Nears Mainnet as Final Testnet1 Upgrade Commences
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.