AVAX trades near $34 after a sharp rally, with whales and institutions driving momentum despite overbought signals.
Summary
- AVAX price is up despite crypto market downturn, with a 200% surge in trading volumes.
- AgriFORCE pivots to AVAX One, targeting $700M in token holdings.
- Whales open leveraged longs, but RSI at 70 signals overbought risks.
Avalanche traded at $34.42 at press time, up 8% in the past 24 hours. The token has gained 17% over the last seven days and 32% in the past month, moving within a $29.40–$35.55 range over the week.
Spot trading volume jumped to $2.62 billion in the last 24 hours, a 198.8% rise from the previous day. Derivatives activity also surged, according to CoinGlass data, with open interest rising 18% to $1.77 billion and volumes rising 140% to $5 billion.
This mix of rising spot demand and leveraged exposure points to aggressive positioning, a setup that often fuels sharp moves in either direction.
Institutional and whale flows
Institutional appetite for Avalanche (AVAX) is building momentum. On Sep. 22, AgriFORCE Growing Systems Ltd. announced plans to rebrand as AVAX One, pivoting away from agricultural technology to become the first publicly traded Avalanche-focused entity on Nasdaq.
The company intends to raise about $550 million through a mix of PIPE financing and equity-linked instruments, with the long-term goal of acquiring more than $700 million worth of AVAX tokens. Over 50 institutional investors, including Galaxy Digital and Kraken, are reportedly exploring allocations.
At the same time, whales are taking on leveraged bets. Blockchain analytics firm Lookonchain flagged two significant long positions on Sept. 23. One wallet opened a 5x leveraged long worth 514,906 AVAX ($17.2 million), already showing close to $1 million in unrealized profit.
Another account, tied to Ogle, an advisor to World Liberty Financial, opened a 10x long on 66,479 AVAX ($2.2 million). These moves suggest that well-capitalized players remain confident in Avalanche’s trajectory, despite the recent rally.
AVAX price technical analysis
From a technical standpoint, AVAX is pressing against the upper band of its Bollinger channel near $36.80, a level that now acts as resistance. With a relative strength index of 70.7, the token is on the verge of overbought territory. The stochastic oscillator is also high, suggesting short-term exhaustion.
Even so, trend strength remains intact. All major moving averages, from the 10-day EMA to the 200-day SMA, are flashing buy signals, confirming a broad-based bullish structure. The MACD is still in positive territory, which indicates that the bulls are still in control.
A break above $36.80 might clear the way toward $38 and possibly $40, while immediate support is located at $32.40 and $29.50.
