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Key Takeaways:
- Avalanche price is breaking above key resistance after a five-month downtrend, with $26 now in sight.
- A potential Grayscale AVAX ETF decision on July 15 is fueling institutional interest.
- MapleStory Universe integration is driving user activity and transaction growth on the Avalanche blockchain.
Avalanche (AVAX) has sparked fresh bullish interest following a clean breakout from a prolonged downtrend. Now trading at $21.85, the altcoin has surged over 3% in the past 24 hours, putting its next resistance zone between $22 and $23 in sharp focus. Traders are now watching closely as AVAX approaches a local target of $26.
Bullish Breakout from Five-Month Downtrend
AVAX has finally escaped a multi-month descending channel, marking a structural shift in market sentiment. The recent price action—forming a higher high after a series of higher lows—indicates renewed strength. A successful breakout above the $23 resistance zone could trigger the next leg up toward the $26 mark.
This bullish technical setup coincides with a broader market rally, driven by Bitcoin’s push to new all-time highs above $122,000.
Grayscale’s Avalanche ETF Fuels Institutional Hype
One of the most significant catalysts for AVAX is the anticipated Grayscale Avalanche ETF decision, expected by July 15. Grayscale’s March filing aims to provide institutional exposure to AVAX, a move echoed by asset manager VanEck, which also submitted a spot ETF proposal for the altcoin.
Adding to the buzz, Avalanche has now joined Grayscale’s “Top 20” list of promising digital assets. This endorsement is helping AVAX gain legitimacy and visibility in the eyes of large-scale investors.
Also Read: Avalanche (AVAX) Eyes Recovery After 26% Crash: Key Levels and Investor Signals
MapleStory Integration Drives Network Activity
Beyond institutional moves, Avalanche is also riding a wave of growing retail and developer interest—thanks in part to its integration with Nexon’s MapleStory Universe. The partnership brings blockchain-based gameplay to a mainstream gaming community and has spurred increased user activity and transaction volume on the Avalanche network.
These on-chain fundamentals, combined with macro-level ETF optimism, present a compelling bullish thesis for AVAX in Q3.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
