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AVAX Price Eyes Rally To $44 As Grayscale Files For Avalanche ETF

AVAX price is eyeing a rebound to as high as $44 following Grayscale's filing with the US SEC to offer an Avalanche ETF.
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AVAX Price Eyes Rally To $44 As Grayscale Files For Avalanche ETF

Highlights

  • Grayscale has filed to offer an Avalanche ETF, which will be listed and traded on the Nasdaq exchange.
  • Grayscale is the second asset manager to file for an AVAX ETF.
  • The AVAX price eyes a rebound to $44.

According to a recent analysis, the AVAX price is eyeing a rebound to as high as $44. This comes just as asset manager Grayscale files to offer an Avalanche ETF, which will list and trade on the Nasdaq exchange.

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Grayscale Files With US SEC To Offer Avalanche ETF

Grayscale has officially filed with the US SEC to offer an Avalanche. This came following Nasdaq’s 19b-4 filing with the Commission to list and trade this proposed ETF on the exchange. The SEC will have to determine whether or not to approve the fund.

Grayscale becomes the second asset manager to file to offer an AVAX ETF. VanECK was the first as the asset manager filed the S-1 for its ETF with the SEC two weeks ago. It is worth mentioning that Grayscale already has an Avalanche Trust, which it is simply looking to convert to an ETF.

Asset managers continue to file for several altcoin ETFs under the new SEC administration, with acting Chair Mark Uyeda looking to create a regulatory-friendly environment for the crypto industry. US SEC Chair nominee Paul Atkins has also affirmed that he plans to prioritize regulatory clarity for the industry.

Market expert Nate Geraci also highlighted the wave of altcoin ETFs that have stormed the SEC’s desk, including filings for XRP, Solana, Dogecoin, Cardano, SUI, Hedera, Polkadot, Litecoin, Aptos, and Axelar.

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AVAX Price Eyes Rebound To $44

The AVAX price is eyeing a rebound to $44 as predicted by crypto analyst Jarfan. Grayscale’s filing for an Avalanche ETF undoubtedly provides a bullish outlook for the altcoin and could spark this rally.

Jarfan stated that AVAX’s chart is one of the cleanest on the market at the moment. He remarked that the altcoin has taken out previous lows and looks to be putting a double bottom on the higher timeframe.

In line with this, he affirmed that overall, a very bullish structure is forming at the moment and that AVAX is showing a lot of relative strength in comparison to other altcoins. The analyst noted that there have been major moves from other coins recently, although they have been mainly meme coins, and that the fact that Avalanche is keeping up with them is truly impressive.

Jarfan also stated that the AVAX price is holding above a very strong support right now, with barely any drawbacks. As such, he believes that the altcoin will rally to $30 in no time once Bitcoin breaks out from $88,000.

His accompanying chart also showed that the altcoin could rebound to $44, although it would face a major resistance at that level as it attempts to rally further to the upside. The crypto analyst predicts that Avalanche will break in the top 10 cryptocurrencies by market cap very soon.

Crypto analyst Kong also affirmed that AVAX’s current price action looks good and predicted that the altcoin could rally to $60. This could eventually pave the way for a rally to triple digits.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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