Avalanche’s original Token Avax increased more than 6% in the last 24 hours and surpassed the wider crypto market measured by Coindesk 20 (CD20) index that increased 0.8% during the same period.
Avax’s award may have rebounded from political jitters and moved on the back of major developments in the real world (RWA) tookenization and institutional adoption.
The token climbed from a low level of $ 19.37 to $ 20.96, recovering from a wider market sale triggered by growing tensions between US President Donald Trump and Tesla CEO Elon Musk earlier this week, who saw the former threatened to terminate government contracts for the latter, who in turn accused the president of being led to in The Jeffrey epstein files.
Token rebound after showing more signs of Bullish Momentum, according to Coindesk’s research technical analysis data model, showing that Avax established a strong foot around $ 19.40, confirmed by volume that exceeded the 24-hour simple sliding average.
Volume increased further around the time of Avax’s breakout last $ 20 mark, showing strength in the move. The token has now formed short -term resistance near $ 21 and support for $ 20.81, the model shows.
But the stronger rebound than the average may not be technical. Last month, FIFA announced that the chosen Avalanche to operate its FIFA blockchain network, with plans to migrate its existing non-fun Token (NFT) collection from Algorand and Polygon to the new network and to build new fan experiences.
Institutional momentum added another leg. Asset Manager Vaneck is expected to roll a $ 100 million purpose built find this month after first announcing it on May 21, which focuses exclusively on projects in Avalanche ECOSYSTEM.
The fund will return to tokens and businesses in games, Finance and AI, while inserting inactive capital into on-chain real world products such as tokenized money markets.
The price is still facing technical resistance near $ 24.80, but the combination of institutional activity, RWA growth on the chain and networking from high-profile partners such as FIFA could help Avax stay ahead of the wider market volatility through June.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
