AVAX Soars to $34 Amid Strong Institutional Interest
AVAX is trading near $34, showing a significant 8% increase in the past 24 hours. Despite the broader crypto market downturn, this token has gained 17% in the last week and 32% in the past month. The price range for the week has been between $29.40 and $35.55.
Spot trading volume has spiked to $2.62 billion, a 198.8% jump from the previous day. Derivatives activity has also surged, with open interest rising 18% to $1.77 billion and volumes increasing 140% to $5 billion. This indicates strong demand and aggressive positioning.
Institutional interest in AVAX is growing. AgriFORCE Growing Systems Ltd. plans to rebrand as AVAX One, aiming to hold over $700 million in AVAX tokens. Over 50 institutional investors, including Galaxy Digital and Kraken, are exploring allocations.
Whales are also taking leveraged bets.Two significant long positions were flagged: one worth $17.2 million and another worth $2.2 million. This suggests confidence in AVAX’s future, despite the recent rally.
Technically, AVAX is near the upper band of its Bollinger channel at $36.80, with a relative strength index of 70.7, indicating overbought territory. However, all major moving averages show buy signals, confirming a bullish trend. A break above $36.80 could lead to $38 and $40, with support at $32.40 and $29.50.
