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Avalanche prices have surged by over 16% in the past week, showing signs of a trend reversal after a prolonged downtrend lasting nearly six months. On August 5, the asset reached a nine-month low but has since rebounded with a significant 45% increase.
This rebound could be influenced by recent developments and positive media coverage. Notably, the token unlock schedule for Avalanche (AVAX) has become a focal point. After the end of 2024, there will be a significant reduction in token unlock events, which could alleviate sell pressure that often impacts the token's value and hamper long-term ecosystem development.
Additionally, recent announcements may have contributed to the recent price movement. Grayscale Investments unveiled the Grayscale Avalanche Trust, a new investment fund providing exposure to AVAX’s expanding ecosystem. Simultaneously, Franklin Templeton extended its Franklin Onchain US Government Money Fund to include the Avalanche network, enhancing institutional access to the blockchain-integrated record-keeping system offered by Benji Investments.
While these developments are not directly tied to AVAX’s core fundamentals, the positive sentiment generated by such announcements may be influencing market perceptions and driving the asset’s price upward.
From a price action standpoint, the recent surge aligns with these positive announcements. There has been an increase in liquidations and a brief shift in the funding rate to positive territory. Moving forward, key indicators to watch include sustained increases in spot buying volumes. The influence of news, partnerships, and technical upgrades often drives cryptocurrency prices, and sustained positive sentiment could push AVAX towards resistance levels between $25 and $27, for further movement towards the $28 to $33 range based on volume profiles and the aggregate order book.
