Avalanche Price Rebounds Above $7 as Institutional Holdings Reach 5 Million Tokens

Avalanche's price has been on the rise after institutional holdings reached 5 million tokens. The token is currently trading near $7.17, putting its recent high of $8.30 back in focus as a potential target.

The monthly Supertrend indicator places the lower bullish support near $6.29, highlighting how AVAX has repeatedly defended this region during the year's downtrend.

Rising institutional activity and staking are contributing to the token's growth, with ETF-related holdings increasing by 34.2% over the past 13 weeks. VanEck, Bitwise, and Grayscale collectively hold over 5 million AVAX, with around 3.49 million tokens staked.