Avalanche (AVAX) faces potential bearish pressure as its price approaches a strong resistance level near $9.72. Market analysis indicates immediate liquidity targets at $8.69 and $8.18, with a deeper objective at the prior month’s low of $7.55. In a separate development, Grayscale Investments has launched the Grayscale Avalanche Staking ETF (GAVA) on Nasdaq, providing investors with regulated exposure to AVAX and the ability to earn staking rewards.
Avalanche (AVAX) is showing signs of a potential bearish phase as its price approaches $9.72, a key resistance level. According to analysis from Crypto Patel, this move followed a liquidity grab that swept highs near $10.34.
The area around $9.72 is currently acting as support, suggesting large sellers are protecting that level. If the market continues to test this area, analysts say it could signal a move down to target sell-side liquidity.
Below the $9.72 resistance, key liquidity points exist at $8.69 and $8.18. The main downside objective is the previous month’s low at approximately $7.55.
Meanwhile, the Nasdaq listed the new Avalanche Staking ETF from Grayscale Investments under the symbol GAVA. The ETF began trading as a private placement in August 2024.
Grayscale’s Senior VP of ETFs, Inkoo Kang, stated the ETF enables exposure to a leading smart contract platform. “The ETF enables investors to gain exposure to a leading smart contract platform in a regulated environment and through Grayscale’s resources and research,” Kang said.
Avalanche’s architecture separates operations across multiple chains for scalability. This design provides customizable blockchain configurations for developers and businesses.
