Avalanche AVAX has witnessed a substantial surge over the last week, rising 20% in price on the charts. Following its huge gains as part of the crypto boom in March 2024, AVAX saw a strong decline and was struggling to recover. However, the asset is beginning a long-waited rally on a strong note.
Trading volume around AVAX is up 50% in the last 24 hours. Furthermore, the market cap for AVAX is up to $11.1B, putting it in 12th place on the cryptocurrency charts by market cap. Now that it has breached the expected $24 resistance level, the next steps are for AVAX to reach $33, which could happen by this weekend. According to the Relative Strength Index (RSI), buyers are now in a favorable position in the market. This positive momentum is critical for AVAX to bypass higher resistance levels.
Furthermore, Avalanche AVAX’s open Interest rates and social media engagement have been increasing. This indicates that traders are more confident with Avalanche, and are gaining interest in the asset. According to several price predictions, AVAX can surge if it surpasses the $33 price level up to as high as $70.
Avalanche AVAX Receives Boost From Grayscale
Last month, Avalanche received a significant investment boost from $50 billion asset manager Grayscale. The trust aims to provide more investors with exposure to the Avalanche cryptocurrency, and it is now open for daily subscriptions.
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Grayscale Investments is one of the biggest investment firms in the world. It is also one of the biggest recent supporters of incorporating cryptocurrency into daily finance. An endorsement of this kind from the asset manager was big for AVAX, and if many investors take part in the new fund, it could prove beneficial for the asset’s future price. The market is overall bullish behind Avalanche, and it may climb back to the top 10 of crypto market caps before the end of the year at this pace.