Avalanche (AVAX) eyes $10.35-$12.50 resistance zone with neutral RSI at 51.10. Technical breakout above $9.63 could trigger significant upside within weeks.
Avalanche network activity surged with transactions hitting a yearly high of 3.5 million.
AVAX transfers to Coinbase reached about $180 million over six months, equal to roughly 1.88% of circulating supply and raising fresh selling concerns. A single $104 million transfer intensified scrutiny, with community reactions quickly turning skeptical and openly frustrated.
The Avalanche Foundation came under fire when on-chain data analyst and researcher, Emperor Osmo, called out a steady flow of about $180 million that flowed from the foundation into Coinbase over six months, implying that the team behind the AVAX token has contributed to its recent downtrend.
Around $180 million worth of Avalanche has been transferred to Coinbase over the past six months, raising concerns about sustained selling pressure. The crypto community reacted with skepticism and frustration, with some users pointing to large transactions as a main reason behind AVAX's weak price performance. Avalanche is trading around $9.07, down 3.
Second rejection from the $9.6 supply zone cemented the short-term range formation in place.
Avalanche trades at $9.04 with neutral RSI at 47.88. Technical analysis suggests potential test of $9.65 resistance or drop to $8.61 support within 1-2 weeks.
Avalanche (AVAX) trades at $9.38 with neutral RSI suggesting potential rally to $10.35-$12.50 resistance if momentum builds above $9.63 breakout level within weeks.
CME Group plans to start 24/7 cryptocurrency futures and options trading on May 29 at 4:00 p.m. CT, pending regulatory review. Trading will run continuously on CME Globex with a two-hour weekly maintenance window, while weekend trades will carry the next business day's trade date.
Institutional momentum around Avalanche has failed to translate into price support, with AVAX extending its losses.
CME Group is set to broaden its crypto derivatives lineup with the upcoming launch of futures contracts for Avalanche (AVAX) and Sui (SUI).
CME Group is expanding its cryptocurrency derivatives lineup with the addition of Avalanche (AVAX) and Sui (SUI) futures, marking another step in the exchange's push deeper into the digital asset market as institutional participation continues to broaden beyond Bitcoin.