Key Points
- Avalanche’s AVAX trades above $12 after gaining about 2%
- The rally follows Grayscale’s updated filing related to an AVAX ETF
AVAX Surges Past $12 as Grayscale Updates AVAX ETF Filing
The cryptocurrency market has trended higher over the past 24 hours, with Bitcoin and many major altcoins showing gains. AVAX, the native token of the Avalanche network, is among the top performers in the top-30 list, rising more than 2% in the last day.
This bullish move pushed AVAX above the $12 level and could pave the way for further upside in the near term. Traders linked the rally to Grayscale updating sponsor details to Grayscale Investments Sponsors LLC in its S-1 filing for converting the Avalanche Trust into an exchange-traded fund (ETF).
Grayscale has not yet disclosed management fees, staking mechanics, or any waivers tied to the proposed ETF. However, an AVAX ETF listed on Nasdaq could broaden institutional access and support demand for the token.
On-chain and derivatives metrics also point to increased interest. Open interest in AVAX futures rose 1.66% over 24 hours to reach $499.87 million, signaling that traders are opening new positions, including both longs and shorts.
At the same time, the funding rate sits slightly negative at -0.0113%, which indicates that some traders are willing to pay a premium to hold short positions.
AVAX Eyes $13.50 Resistance
The AVAX/USD 4-hour chart has been in a downtrend overall, despite the token’s 2% gain in the last day. The recent bounce follows a pullback that tested support around $11.18, after which retail demand helped the token recover.
Technical indicators have turned more constructive, signaling a growing bullish bias. The RSI sits at 52, above the neutral 50 mark, suggesting regained buying pressure. The MACD has also crossed into bullish territory, reinforcing upside momentum.
If the rally continues and a daily candle closes above the immediate resistance at $12.78, AVAX could push toward the next major resistance near $13.50.
Conversely, if bulls fail to capitalize on the current momentum, AVAX could revisit the $11.18 support level before attempting another recovery.