Large holders of the Avalanche token, aka AVAX Whales, are increasing their net inflows of the cryptocurrency, with inflows up 380%. The asset is being picked up in large volumes as investors expect a price climb to come soon. Analysts suggest the continued accumulation could help AVAX clear the next resistance, around $24, and push toward $30.
Avalanche (AVAX) seems to be following the crypto market’s current positive trajectory. The project’s market cap is very close to overtaking Chainlink (LINK) as the 13th most valuable cryptocurrency. AVAX has a valuation of $10.025 billion, while LINK has a valuation of $10.45 billion. AVAX is now less than $50 million away from taking the 13th spot. The asset is also up following FIFA’s blockchain partnership and the $100 million Avalanche Fusion initiative launch. FIFA officially selected Avalanche to power its dedicated blockchain network, and this represents a major shift in the sports organization’s Web3 strategy.
If projects like FIFA’s blockchain and new GameFi titles gain traction, they could drive further AVAX adoption. In turn, it could spark a further surge for the Avalanche cryptocurrency. Investors are targeting $30 as a medium-term target if momentum holds, while support sits around $22, and resistance is in the mid-$20s. Avalanche’s new “Fusion” framework is designed to spur growth for the asset and the Avalanche Network.
Also Read: Avalanche (AVAX) Gains 17%: Can It Reach $30 This Week?
The initiative plans to launch five composers and nearly 100 modules in the first year. It would then expand to dozens of composers and hundreds of modules within 2-3 years. These developments support bullish altcoin investment sentiment around AVAX’s long-term growth prospects right now.
Bitcoin eclipsing a new all-time high above $111,000 also spurred crypto assets like Avalanche AVAX to surge. If the ongoing bull market and altcoin season continue, coins like AVAX could see themselves creep up to new all-time highs in the coming months.
