Avalanche’s local token avax has soared more than 6% in the past 24 hours, surpassing the wider cryptocurrency market Coindesk 20 (CD20) The index rose 0.8% during the same period.
The price of Avax may have rebounded from political annoyance and shifted in the major developments of real-world major asset (RWA) tokenization and institutional adoption.
Tokens climbed from a low of $19.37 to $20.96, recovering from a wider market sell-off Triggered by increasing tension Earlier this week, U.S. President Donald Trump and Tesla CEO Elon Musk threatened to terminate the administration’s contract with the latter, which in turn accused the president of being linked to the Jeffrey Epstein archives.
According to Coindesk’s technical analysis data model, the token rebounded after showing multiple signs of bullish momentum, which shows that Avax has built a strong footstep of about $19.40, confirmed by volume over the 24-hour simple moving average average.
The number rose further by $20 at the time of Avax’s breakthrough, which demonstrates the strength of the move. The model shows that the token has now formed short-term resistance, with a price of $21 and a support of $20.81.
But a stronger rebound than average may be more than technical. Last month, FIFA announced Avalanche stuff To power its FIFA blockchain network, it plans to migrate its existing non-sterilized token (NFT) collection from Algorand and Polygon to the new network and build a new fan experience.
Mechanical power increases the other leg. Asset Manager Vaneck expects to launch a $100 million dedicated fund this month Announce it first On May 21, a project specifically targeted in the avalanche ecosystem.
The fund will be tokens and businesses in gaming, finance and artificial intelligence, while deploying idle capital into on-chain real-world asset products, such as tokenized money markets.
Prices still face $24.80 in technical resistance, but the combination of institutional activity, chain RWA growth and network usage by high-profile partners like FIFA can help Avax maintain wider market volatility through June to June.
Disclaimer: Part of this article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information, see Coindesk’s complete AI policy.
