Avalanche (AVAX) is currently trading just below the $30 mark, showing some indecisiveness. However, a recent development—Bitwise filing for an Avalanche ETF with the U.S. Securities and Exchange Commission (SEC)—has injected a new sense of optimism into the market. This filing places Bitwise alongside other major firms like VanEck and Grayscale, all of whom are vying for an Avalanche-backed product. If approved, a new ETF could provide the necessary momentum for AVAX to break through its key resistance levels.
Behind the scenes, the Avalanche network itself is showing strong growth. Data from DeFiLlama reveals that its Total Value Locked (TVL) has recently increased to $2.09 billion. This is a significant jump from $1.92 billion a week earlier, indicating that liquidity is returning to the network. Additionally, DEX volumes have remained above $2 billion for eight consecutive weeks, and the network’s stablecoin market cap has grown by nearly 5% to $2.31 billion. These metrics suggest a healthy and active ecosystem, which typically leads to sustained demand for the native AVAX token.
From a technical standpoint, the primary hurdle for AVAX is the $30.37 resistance level. This point corresponds to a 38.2% Fibonacci retracement level. A decisive move above this could push the price toward the next target of $35.22. On-chain data also supports a bullish outlook, with Open Interest and funding rates rising, signaling that traders are willing to pay a premium for long positions. While a pullback is always a possibility, with support levels around the 50-day EMA at $25.13, the combination of growing ecosystem health, institutional interest, and positive technical indicators suggests a bullish future for Avalanche, provided it can finally break through the $30 barrier.
September 2025, Cryptoniteuae
