AVAX Coin Price Projection: Gains from ETF Influence and Network Expansion Suggest Potential Surge Beyond $100 Mark
In a significant development for the cryptocurrency market, Bitwise has filed an Avalanche Exchange-Traded Fund (ETF), potentially marking a turning point for AVAX. This move could provide access for traditional investors and unlock new liquidity streams, according to industry analysts.
Currently trading at $24.68, up 1.21% in the last 24 hours, Avalanche's price is coiling under the $28 resistance zone. If the ongoing technical compression near $27 to $28 coincides with buying pressure, AVAX could see momentum accelerate beyond short-term breakout levels.
Analyst Pound argues that the Avalanche breakout is not just possible but inevitable. If the breakout above $28 confirms, the next logical target may be around $50. If the $28 ceiling breaks with strength, a larger expansion toward the $40 to $50 range is possible.
The potential move towards triple-digit prices for Avalanche is strengthened by the ETF momentum. The filing of the Avalanche ETF by Bitwise could pave the way for a sustained move towards the $100 to $130 resistance zone. This zone aligns with Avalanche's previous All-Time High (ATH) and is supported by an ABC corrective structure.
Key stepping stones for Avalanche's potential move towards the $100 to $130 zone are around $50, $75, and $100, if ETF approval is confirmed.
Fresh on-chain data shows that daily transactions on Avalanche have nearly tripled in the last month, now averaging close to 1.9 million. This sharp rise in activity suggests growing demand for AVAX's network.
The Avalanche's surge in on-chain activity, tight technical compression, and the ETF narrative give it momentum that could attract both retail traders and institutions. The broader market backdrop, with capital beginning to rotate into altcoins, adds another layer of strength to the AVAX Price Prediction.
Moreover, Avalanche's improving relative strength compared to Bitcoin's dominance suggests potential benefits from a possible altseason cycle. The prominent supporter working on the Bitwise ETF for AVAX is not explicitly named in the search results; however, the Avalanche Foundation is a key institutional supporter of AVAX, and Bitwise filed the ETF application on September 15, with Coinbase Custody Trust Company named as custodian, indicating institutional backing.
If the ongoing technical compression near $27 to $28 coincides with buying pressure, AVAX could see momentum accelerate beyond short-term breakout levels. The filing of an Avalanche ETF by Bitwise could pave the way for a sustained move towards the $100 to $130 resistance zone, aligning with its previous ATH, due to an ABC corrective structure. The Avalanche breakout is not just possible but inevitable, according to analyst Pound.
