AVAX Surges on Institutional Partnerships, Targets 90% Price Rally

Avalanche's AVAX token has seen significant price action in recent days, surging nearly 50% over the past week to hit an eight-month high of $10.82 on Sunday.

The rally is attributed to a wave of institutional tokenization headlines and partnerships that have boosted demand for the token. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has been testing Avalanche for potential 24/7 trading of tokenized US stocks and ETFs.

Ava Labs President Charley Cooper stated that ICE remains actively engaged with the network, although no commercial deal has been announced. Additionally, New York Life Investment Management is launching its first tokenized fund on Avalanche through Centrifuge, providing eligible investors access to institutional-grade credit directly on the platform.

The technical analysis of AVAX's chart reveals a potential recovery setup after price rebounded from the lower boundary of a giant falling wedge. If the rebound continues, the next major upside target sits around $19-$20, representing an approximately 85-90% rally from current levels.