- Avalanche releases 9.54 million AVAX tokens as it discloses to unlock 1.6 million AVAX for distribution every quarter till 2030.
- According to analysts, AVAX is poised for a rally as multiple market indicators and recent developments support this outlook.
Avalanche (AVAX) recently unlocked the final set of token allocations to the team, foundation, strategic partners, and airdrops as it shifts focus to smaller foundation-only token unlocks. This implies that the team would release 1.6 million AVAX every quarter till 2030.
In the recent event, 9.54 million AVAX tokens were released, with 2.25 million allocated to strategic partners, 1.67 million distributed to the foundation, 4.5 million sent to the team, and 1.13 million distributed in airdrops.
According to experts, the reduced unlocked schedule is strategically designed to minimize selling pressure and manage supply to create stability in the market.
AVAX Price Analysis
A few hours after this announcement, AVAX responded by defying headwind, acting as a bellwether to ignite the altcoin industry. However, this was short-lived as external factors overpowered the bullish price determinants, sending the price plummeting.
At press time, AVAX was trading at $26 after declining by 1.45% in the last 24 hours. However, its weekly gains remain positive as it surges by 21%. Reflecting the broad market sentiment, the 24-hour trading volume of AVAX was down by 3% at press time as $285 million was changing hands.
According to analysts, AVAX appears to have technically found its bottom as the AVAX/USDT 4-hour chart shows a recovery of support level between $22.84 and $21.06. With this established, the asset could embark on a bullish trend when it ends the week above this range. However, failure to sustain the position could trigger a selling pressure, forcing a bearish move down the price curve.
Fortunately for investors, multiple analytical indicators, including the Elliott Wave analysis, confirm a bullish outlook. Another look at Avalanche’s 3-day chart shows the formation of a falling wedge pattern, which hints at a bullish trend. Currently, AVAX has reversed from the lower trendline, cementing the possibility of breaking out of the wedge. Once this is completed, analysts believe that the price could imitate the November – December 2023 move to rise by 200%.
Analyzing its weekly chart, analysts observed that AVAX has broken out of its base and wrapped up a crucial retest of critical resistance, turning it into support. AVAX’s social engagement is also positive as its presence on X (Twitter) and other platforms reaches incredibly high.
Avalanche Spotted for Massive Development by Grayscale and Franklin Templeton
Amid these technical indicators, Avalanche received exciting news recently as Grayscale Investments announced the launch of Avalanche Investment Fund (Grayscale Avalanche Trust). As we earlier reported, this initiative would indirectly expose investors to the Avalanche ecosystem and its native token, AVAX, laying a foundation for a better value proposition.
The Grayscale Avalanche Trust offers investors the opportunity to gain exposure to Avalanche (AVAX), a three-chain smart contract platform designed to simultaneously optimize for scalability, network security, and decentralization.
Similarly, Avalanche received more exciting news as Franklin Templeton expanded its blockchain presence on the Avalanche network. Our publication highlighted that this development underscores Avalanche’s increasing role in institutional finance and its ability to grow more sustainably.
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