Avalanche Price News: AVAX Stops at $35 But TVL Hits Records - Can It Keep Going?

By Alejandro Arrieche

Avalanche Price News: AVAX Stops at $35 But TVL Hits Records - Can It Keep Going?

The token has once again climbed to the $35 threshold - a key supply area from a historical standpoint - and trading volumes have surged by 70% in the past 24 hours as the token tries to break this threshold again.

Several catalysts have ignited the latest rally for AVAX. From a macroeconomic standpoint, the Federal Reserve's interest rate cut last week is setting the stage for the continuation of the rally that started in May this year.

Meanwhile, the prominent investor Anthony Scaramucci announced this week that he is backing a publicly traded company called AgriFORCE Growing Systems to raise $550 million to launch a crypto treasury focused on AVAX.

Earlier this month, the Avalanche Foundation disclosed that it has been negotiating with multiple parties, including Scaramucci's Hivemind Capital, to launch two treasuries holding up to $1 billion worth of this token.

The second treasury could be launched soon as well, and these negotiations appear to be the primary reason why AVAX is defying the market's gravity.

In addition, on-chain data shows that weekly transaction volumes within the Avalanche network have been rising since July this year. Data from Artemis shows how this metric spiked since July 28, moving from 3.3 million back then to a peak of 13.5 million at the end of August. This represents a 4X increase in just a month.

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