- Avalanche (AVAX) slipped 4% in 24 hours but still posted a 0.89% weekly gain.
- Bitcoin’s drop below $111K sparked altcoin-wide selling pressure.
- Grayscale filed to convert its Avalanche Trust into a spot ETF.
- AVAX may target $28–$33 before a possible corrective phase.
Avalanche (AVAX) dipped close to 4% over the last 24 hours, reflecting weakness in the overall crypto space. In spite of the fall, the token remained positively inclined in the weekly chart with a slight 0.89% increase.
The decline followed Bitcoin’s retreat below $111,000, a move that triggered selling pressure across major altcoins. With sentiment leaning bearish, AVAX traded in line with the broader market downturn.
Grayscale Pushes AVAX ETF Plan
Amid market pressure, Avalanche attracted attention from institutional investors.
Grayscale Investments, the largest crypto asset manager, has filed with the U.S. Securities and Exchange Commission (SEC) to convert its Avalanche Trust into a spot ETF.
Grayscale has indeed come out with similar funds indexed to Bitcoin and Ethereum such that mainstream investors can gain exposure to leading cryptocurrencies.
If it is approved, the Avalanche ETF will represent another move into mainstream adoption and potentially increase AVAX’s liquidity.
Also Read: Avalanche (AVAX) Eyes $126 Target as Bullish Momentum Builds and Technicals Align
AVAX Aims $28–$33 Before Correction
According to analysis from More Crypto Online, AVAX may still have room for another upward push before facing a deeper correction.
The projection suggests AVAX could climb toward the $28–$33 range before resuming a potential wave C decline.
Analysis also identified that a sustainable push to $100 is doable but is highly speculative and relies on strong bullish catalysts and favorable markets.
The current major support is around $12.50 to $16.75, and April’s low has been pegged as a major invalidation point. A breakdown below that level will substantially diminish chances of a bigger rally.
Avalanche Balances Risk and Opportunity
Avalanche is right now caught amidst short-term volatility and long-term institutional positivity.
While market conditions remain challenging, Grayscale’s ETF filing signals growing recognition of AVAX within traditional finance.
Investors will be observing closely to determine whether the token is able to sustain support levels and take advantage of better demand once sentiment improves more broadly.
Also Read: AVAX Price Targets $36 as $27.50 Resistance Faces Bullish Pressure
