The post Why Avalanche (AVAX) Token Price Surging Today? appeared first on Coinpedia Fintech News
While nearly every major cryptocurrency is trading in the red today, with Bitcoin, Ethereum, Solana, and XRP all logging losses, Avalanche’s native token AVAX is surging hard, jumping 11% in the last 24 hours to trade near $35
This spike follows a wave of positive institutional news, whale activity, and explosive trading volumes.
AgriFORCE Rebranded Itself as AVAX One
The biggest catalyst behind the AVAX token price pump is the recent announcement from AgriFORCE Growing Systems Ltd., which revealed its rebrand to AVAX One and plans to become the first publicly traded Avalanche-focused entity on Nasdaq.
The company aims to hold more than $700 million worth of AVAX tokens, raising $550 million through equity and PIPE financing.
Looking ahead, the plan also involves acquiring and merging profitable fintech ventures into Avalanche’s ecosystem.
Trading Volumes and Whale Activity Surge
AVAX price momentum is being fueled by a sharp jump in trading activity. Spot trading volumes spiked to $2.68 billion, up nearly 120% from the previous day, while derivatives trading climbed 140% to hit $5 billion.
Adding to the bullish mood, on-chain data from Lookonchain revealed some big whale moves. One wallet opened a 5x long position worth 514,906 AVAX ($17.2 million) and is already sitting on almost $1 million in unrealized gains.
Another wallet, linked to an advisor at World Liberty Financial, opened a 10x long position worth $2.2 million.
AVAX Price Analysis
Avalanche (AVAX) has been showing solid strength, holding steady between $33 and $35 over the week. However, the technical picture looks encouraging after AVAX formed a bullish hammer candlestick, showing strong buying pressure despite a dip.
If this momentum continues and the wave count proves correct, AVAX could extend higher toward $48.22 without facing a major pullback.
The RSI sitting close to 60 signals a strong rally, though it also suggests the market may see more rally ahead.
In short, AVAX’s price action suggests the bulls are in control. As long as it holds above $26 and manages to break through $40.