The large-scale holder of avalanche tokens, aka Avax whales, is increasing the net inflow of cryptocurrency, with inflows rising by 380%. As investors expect price increases to come soon, the assets are being picked up in large quantities. Analysts suggest that the ongoing accumulation could help Avax clear the next resistance (about $24) and push towards $30.
Avalanche (Avax) appears to follow the current positive trajectory of Crypto Market. The market capitalization of this project is very close to overtaking chain links (links) as the 13th most valuable cryptocurrency. Avax has a valuation of $1.025 billion, while Link has a valuation of $10.45 billion. Avax is currently under $50 million since it reached 13th place. Additionally, assets have risen following the launch of FIFA’s blockchain partnership and the $100 million avalanche fusion initiative. FIFA has officially chosen avalanches to strengthen its dedicated blockchain network. This represents a major change in the sports organization’s Web3 strategy.
If projects like FIFA’s blockchain or new GameFi titles gain traction, they can further encourage Avax adoption. Next, it could cause an avalanche cryptocurrency to spike even more. Investors aim for a medium-term target of $30 if momentum is retained, but support is around $22 and resistance is in their mid-20s. Avalanche’s new “Fusion” framework is designed to drive the growth of assets and Avalanche networks.
The initiative plans to launch nearly 100 modules with five composers in its first year. Then within two or three years it will expand to dozens of composers and hundreds of modules. These developments support bullish Altcoin investment sentiment regarding the current long-term growth outlook for Avax.
Bitcoin, which covers the all-time high of over $111,000, has spurred crypto assets like Avalanche Avax. With the ongoing bull market and the Altcoin season, we could see coins like Avax sneaking up to their all-time highs in the coming months.
