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You are here: Home / News / Avalanche Surges 70% Amidst Proof-of-Concept Unveiling – Potential for $30 Breakout Looms
Avalanche

Avalanche Surges 70% Amidst Proof-of-Concept Unveiling – Potential for $30 Breakout Looms

November 17, 2023 by Saeed Ul Hassan

Onyx, by J.P. Morgan and Apollo Global, has revealed a transformative proof-of-concept with Avalanche under the Monetary Authority of Singapore’s Project Guardian. The project, announced via a joint press release, holds the potential to revolutionize asset and wealth management through the application of blockchain, smart contracts, and tokenization.

The proof-of-concept showcases the capacity of these technologies to streamline portfolio management, particularly for traditionally challenging alternative assets. According to a statement on Avalanche’s official Twitter account, the unveiling aligns with AvaLabs’ mission to digitize and tokenize global assets while leveraging Avalanche’s speed, scalability, and customizability.

This initiative fundamentally aligns with @AvaLabs’s mission to provide the tools and tech to digitize and tokenize the world’s assets, while harnessing the speed, scalability, and customizability of Avalanche.https://t.co/V5R2EZr7h6

— Avalanche 🔺 (@avax) November 15, 2023

Project Guardian, initiated in May 2022, aims to explore use cases for asset tokenization. Notably, the Monetary Authority of Singapore conducted its first test in November of the previous year, where J.P. Morgan, DBS Bank, and SBI Digital Asset Holdings utilized the Aave protocol on Polygon for foreign exchange and government bond transactions on the Ethereum network.

Avalanche Surges Price Towards $30

The announcement has significantly impacted AVAX, the native token of the Avalanche ecosystem. Currently, Avax is being traded at $21.67, showing a 14% surge in price over the past 24 hours, representing a substantial 70% rise compared to the previous week. On November 15, it reached its peak at $24, according to CoinMarketCap.

AVAX 7D graph coinmarketcap 1
Source: CoinMarketcap

Avalanche’s current strategy involves burning 100% of the revenue generated from transaction fees. The recent spike in network traction from gaming adoption has seemingly accelerated the AVAX burn rate, as illustrated by the chart indicating the burning of 38,057 AVAX in the last 30 days.

image 62 1
Source: AVASCAN

Data from on-chain tracker StakingRewards reveals a surge in AVAX staking, with 255.91 million AVAX staked across various smart contracts as of November 16. This represents an increase of 36 million AVAX deposited into smart contracts within the last 10 days, coinciding with the 150% price breakout over the last 30 days.

image 62 2
Source: StakingRewards

However, the bears may seek to challenge the current optimistic trend. Breaking the initial resistance at $23 is crucial for confidence in reclaiming $30. The presence of 402,470 holders who bought 2.95 million AVAX at an average price of $22.98 creates a sell-wall that the bulls must overcome to reach the predicted $30 mark.

Analysts caution that a dip below $12 could threaten the current uptrend. Nevertheless, the 771,030 holders who acquired 7.97 AVAX at the minimum price of $14.96 may provide initial support, preventing a more significant downturn if they choose to HODL firmly.

Additionally, a crypto analyst pointed out that weekly decentralized exchange (DEX) volumes on AVAX are trending toward yearly highs, with Trader Joe, Uniswap, Woofi, Pangolin, and Dexalot leading the way.

image 62 3

Related Reading | Crypto Regulation in Turkey: Licensing and Taxation to Combat Gray-List Stigma

Filed Under: News, Altcoin News Tagged With: Apollo Globa, Avalanche (AVAX), J.P. Morgan, mas, Onyx, Price Analysis

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