Avalanche Surges 18.6%, Eyes Next Target at $15
Avalanche (AVAX) has seen significant gains in recent trading sessions, surging by over 18.6% to reach $11.35 on a 24-hour volume of $1.428 billion. This upward momentum is driven by several catalysts, including the launch of New York Life's tokenized high-yield bond fund on Avalanche and Paxos adding AVAX to its regulated payment services.
Additionally, a network upgrade scheduled for September 22 will reduce staking lock-up periods from 14 days to 48 hours, potentially boosting adoption and staking liquidity. This has set targets of $12 and $15, with the current support level holding strong.
Technical analysis shows that the Moving Average Convergence Divergence line is above zero, indicating a strong macro uptrend. However, the daily Relative Strength Index (RSI) value of 75.31 signals overbought conditions, suggesting that buyers may pause to digest gains and potentially leading to a pullback toward $10 support.
The bullish trajectory could see Avalanche's price find resistance at the $11.77 range, with continued upside pressure potentially triggering a golden cross and sending prices toward $12.10 or higher. Conversely, a bearish reversal might instantly pull prices down to test the nearby $10 support.