Key Takeaways:
- AVAX has risen over 6% in just 24 hours, surpassing the overall crypto market performance.
- The price trend has been reinforced by positive developments in real-world asset tokenization and heightened institutional interest.
- AVAX has shown substantial support around $19.40 and recently broke through $20, facing short-term resistance at $21 and support near $20.81.
Avalanche, the blockchain project behind AVAX, has seen its native token rise significantly, outperforming the wider market, which recorded an increase of 0.8% in the same timeframe as per the CoinDesk 20 (CD20) index.
The recent uptick in AVAX’s price aligns with the easing of political concerns related to tensions between U.S. President Donald Trump and Tesla CEO Elon Musk, as well as developments in the growing interest in real-world asset (RWA) tokenization and institutional funding.
AVAX’s price improved from a low of $19.37 to a high of $20.96 amidst the broader market’s struggles due to the Trump-Musk conflict, which had previously caused market turmoil. This rise was depicted as a clear indicator of bullish movement based on CoinDesk’s research, which noted that AVAX solidified its support level through significant trading volume.
The token’s resilience might partly be attributed to FIFA selecting Avalanche to support its blockchain network and migrate existing NFT projects. In addition, asset management firm VanEck is poised to launch a $100 million PurposeBuilt Fund dedicated to Avalanche-based ventures.
Despite the positive trends, AVAX is still met with technical resistance around $24.80. However, continued institutional backing and increasing activity could enable AVAX to maintain an advantage amid current market fluctuations.
