AVAX whales increase holdings as net inflows surge 380%, signaling a growing interest in the Avalanche token
Investors anticipate an imminent price increase, so they purchase the asset in substantial quantities.
Analysts propose that the ongoing accumulation could assist AVAX in surpassing the subsequent resistance, which is located at approximately $24, and driving it toward $30.
Avalanche (AVAX) is adhering to the present upward trajectory of the crypto market. The project’s market capitalization is perilously close to surpassing Chainlink (LINK) as the 13th most valuable cryptocurrency. AVAX is valued at $10.025 billion, while LINK is valued at $10.45 billion.
AVAX is currently less than $50 million from securing the 13th position. The asset has also experienced an increase in value due to FIFA’s blockchain partnership and the introduction of the $100 million Avalanche Fusion initiative.
FIFA has officially selected Avalanche to enable its dedicated blockchain network, marking a significant change in the sports organization’s Web3 strategy.
The adoption of AVAX could be further bolstered if projects such as FIFA’s blockchain and new GameFi titles acquire momentum.
Furthermore, it may induce an additional surge in the value of the Avalanche cryptocurrency. If momentum persists, investors aim for $30 as a medium-term objective. Support is approximately $22, and resistance is in the mid-$20s.
The Avalanche Network and the asset are intended to experience development by implementing the new “Fusion” framework.
The initiative intends to introduce five composers and nearly 100 modules in the initial year. It would subsequently expand to include hundreds of modules and dozens of composers within 2-3 years.
Currently, these developments are bolstering the favorable sentiment surrounding AVAX’s long-term growth prospects in the altcoin investment community.
Crypto assets such as Avalanche AVAX experienced a surge in value as Bitcoin reached a new all-time high above $111,000. If the current bull market and altcoin season persist, coins such as AVAX may ascend to new all-time highs in the months ahead.
