Avalanche Price Surges After Charles Schwab Listing

Avalanche's price has been on a steady rise after breaking out of a multi-month symmetric triangle last week. The token traded at around $6 before surging to touch $8 and settling near $7.25.

The breakout coincided with Charles Schwab's announcement that it would offer native AVAX, SOL, and LINK spot trading to its 39 million brokerage accounts. This move is seen as a retention strategy by analyst Scott Melker, who believes that Schwab aims to keep its customers from moving their funds to other platforms such as Coinbase or OKX.

The Avalanche ETFs managed by Bitwise, VanEck, and Grayscale now hold a combined 5.1 million AVAX, with 3.49 million staked to earn network rewards. The funds' holdings have reduced the amount of AVAX available for trading, which could limit selling pressure.

Derivatives volume fell 23.90% to $274.36 million over the past 24 hours, while open interest declined 2.55%. Long positions still dominate, with Binance's account long-to-short ratio standing at 2.023 and OKX reporting a ratio of 1.98.