Key Insights:
- AVAX long positions see massive growth, with traders gaining $920K in unrealized profits.
- AgriFORCE rebrands to AVAX One, aiming for a $700M AVAX treasury reserve.
- DeFi activity spikes, pushing AVAX’s Total Value Locked (TVL) to its highest level since August 2022.
Avalanche (AVAX) is seeing growing interest among traders, with long positions surging and significant price targets being set. Recently, the cryptocurrency has gained traction with both whales and institutional investors showing confidence in its potential.
Institutional Interest Grows as AgriFORCE Rebrands to AVAX One
Institutional interest in AVAX has been bolstered by the announcement that AgriFORCE Growing Systems, a Nasdaq-listed company, has rebranded to AVAX One. According to the company’s press release, the company’s goal is to build a treasury reserve of more than $700 million in AVAX tokens.
AgriFORCE, which focuses on agricultural technologies, is making a significant shift towards the Avalanche ecosystem. This move could reduce the circulating supply of AVAX, boosting its demand and increasing its value in the long term. The news has positively impacted the AVAX price, helping it recover from recent dips.
The price of AVAX has been on an upward trajectory, with analysts predicting further gains. Strong technical signals have emerged, suggesting that AVAX could target price levels between $42 and $61. According to recent reports, AVAX has been recovering from the bottom regions for a long time, with upward movement starting from the $15 mark.
AVAX Long Positions Hit $920K in Unrealized Profit
However, AVAX has also become a favorite among traders, particularly those in long positions. Recently, whale accounts have made significant investments, with one opening a 5x long position worth $17.2 million. This position already has an unrealized profit of nearly $920,000.
Another prominent investor, Ogle, an advisor to World Liberty FI, opened a 10x long position worth $2.2 million just hours ago. These positions indicate growing confidence in AVAX’s future price action. With such substantial gains already in play, many are optimistic about the coin’s price continuing to rise in the near future.
Growing DeFi Activity Supports AVAX’s Market Strength
Avalanche’s decentralized finance (DeFi) ecosystem is also showing signs of growth. The Total Value Locked (TVL) in the Avalanche network has reached its highest level since August 2022. This increase in TVL reflects growing interest in the network’s decentralized applications and protocols.
These indicators suggest that the overall market sentiment is favorable for AVAX, with rising DeFi activity likely contributing to price appreciation. As more assets are locked into the network, the demand for AVAX could continue to rise, driving the price toward the anticipated targets.
According to CoinMarketCap, as of the time of writing, Avalanche is trading at $34.43 with a 24-hour trading volume of $2.605. It is up 9.02% in the last 24 hours.
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Source: https://coincu.com/analysis/avax-long-positions-surge-to-920k-profit/