AVAX Surges Above $7 Amid Growing Institutional Support
Avalanche (AVAX) has rebounded above $7 after reclaiming key support levels, according to recent price charts. This move follows an extended consolidation period that saw AVAX test its lower boundary of a long-term bullish structure for three months.
As per analyst Honeybear, the monthly Supertrend indicator places the lower bullish support near $6.29, indicating how AVAX has repeatedly defended this region during the year's downtrend. However, the price remains well below broader trend resistance levels around $17 and $20.71.
The token is now trading near $7.17, putting the recent $8.30 high back on traders' radar as price targets in the $9.50 to $10 range come into focus. AVAX's growing institutional holdings, with over 5 million tokens held by asset managers like Bitwise and VanEck, are also supporting the current price action.
A key level that bulls must protect for the uptrend to remain intact is $7.05, as identified by analyst KhonshuArc. Maintaining support above this level would enable another attempt at $8.30 and beyond, potentially bringing $9.50 to $10 or even $12 into view.