Avalanche’s native token AVAX surged more than 6% in the last 24 hours, outpacing the broader crypto market as measured by the CoinDesk 20 (CD20) index, which rose 0.8% in the same period.
AVAX’s price may have rebounded from political jitters and moved on the back of major developments in real-world asset (RWA) tokenization and institutional adoption.
The token climbed from a low of $19.37 to $20.96, recovering from a wider market sell-off triggered by growing tensions between U.S. President Donald Trump and Tesla CEO Elon Musk earlier this week, which saw the former threaten to terminate government contracts for the latter, who in turn accused the president of being implicated in the Jeffrey Epstein files.
The token rebounded after showing multiple signs of bullish momentum, according to CoinDesk’s Research's technical analysis data model, which shows AVAX established a strong footing around $19.40 that was confirmed by volume exceeding the 24-hour simple moving average.
Volume further rose around the time of AVAX’s breakout last the $20 mark, showing strength in the move. The token has now formed short-term resistance near $21 and support at $20.81, the model shows.
But the stronger-than-average rebound may not just be technical. Last month, FIFA announced it chose Avalanche to power its FIFA blockchain network, with plans to migrate its existing non-fungible token (NFT) collection from Algorand and Polygon into the new network and to build out new fan experiences.
Institutional momentum added another leg. Asset manager VanEck is expected to roll out a $100 million PurposeBuilt Fund this month after first announcing it on May 21, focused exclusively on projects within the Avalanche ecosystem.
The fund will back tokens and businesses in gaming, finance, and AI, while deploying idle capital into on-chain real-world asset products like tokenized money markets.
The price still faces technical resistance near $24.80, but the combination of institutional activity, on-chain RWA growth, and network usage from high-profile partners like FIFA could help AVAX stay ahead of broader market volatility through June.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Asheesh Birla, the CEO of Evernorth Holdings Inc., revealed why the Nasdaq-listed digital asset treasury…
The RWA market is evolving rapidly, according to a new report shared today by institutional…
Ripple-linked XRP may be one of the biggest names in the cryptoverse today, but its…
The debate over whether Bitcoin’s hashing algorithm can be hacked continues to evolve. This time,…
The Cardano Foundation has urged the European Commission not to broaden the Markets in Crypto-Assets…
Matt Crosby, a research director at Look Into Bitcoin, said in a recent interview that…