Grayscale Avalanche Trust Ignites AVAX Rally, $31 Ahead?

Grayscale Investment, the world’s largest crypto asset manager, has announced the public launch of the Grayscale Avalanche Trust. Following this announcement, Avalanche (AVAX) gained significant attention from traders and investors and experienced a notable price surge.  

Grayscale Avalanche Trust 

With this latest announcement, the world’s largest crypto asset manager now offers more than 20 crypto investment products. With the latest announcement, the trust allows investors to gain exposure to Avalanche (AVAX).

Following this announcement, Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary said, “The launch of Grayscale Avalanche Trust highlights Grayscale’s ongoing commitment to providing investors with innovative opportunities to access exciting developments in the crypto ecosystem.”

However, the firm also noted in a report that the trust is now open for daily subscriptions by eligible accredited investors. Additionally, this trust will function like a single-asset investment and focus solely on Avalanche (AVAX).

AVAX Price and Rising Open Interest 

With the announcement, AVAX’s price skyrocketed by over 8% and is currently trading near the $24.95 level. Meanwhile, its trading volume has increased by 9% in the last 24 hours, indicating strong investor participation following the Grayscale announcement.

Additionally, AVAX’s open interest has jumped by over 12% during the same period. This increase in open interest signals investors’ and traders’ interest in AVAX following Grayscale’s announcement. 

AVAX Price Prediction for August 2024

According to expert technical analysis, AVAX looks bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. However, it is facing strong resistance near the $24.70 level.

If AVAX closes a daily candle above this resistance level of $25.50, there is a high possibility it could soar 23% to the $31 level. Additionally, with this recent announcement, there is also a potential for the AVAX price could rise to $50 level in the coming days.