Avalanche (AVAX) Sees Growing Institutional Support Ahead of Potential Breakout
Avalanche (AVAX) is showing signs of a potential bullish reversal as buyers target key resistance levels and institutional participation increases.
The asset has been consolidating at lower price levels for an extended period, according to crypto analyst Usman Adk.
Adk notes that AVAX has spent considerable time trading near its lows, and a successful break above resistance zones could signal a shift in trend fueled by mounting buy-side pressure.
Institutional accumulation is on the rise, with leading US-based asset management firms Bitwise, VanEck, and Grayscale collectively amassing over 5 million AVAX this week.
The amount of AVAX staked currently stands at 3.49 million, indicating that a substantial portion of institutional holdings are being used to secure the network.