Avalanche whales continue to push prices higher despite the market flagging the token as overbought. The AVAX token price reached new heights as institutions and whales pushed demand to its limits. A crypto investor stated that the AVAX token could reach as high as $150.
The AVAX token is trading at $34.82 after gaining more than 17% during the past week. Having taken over the market, the AVAX bulls pushed the price to $35 after 9 months. On September 17, the token gained value and rose from as low as $29 and surged past $35, before crashing again yesterday. However, with the increase in institutional demand, the token recovered magnificently.
The AVAX tokens’ charts lit up when an agriculture-tech company, AgriFORCE Growing Systems, switched into an AVAX-focused digital asset treasury company. With this transition, the company rebranded to AVAX one. SkyBridge Capital founder Anthony Scaramucci, leading the strategic advisory board, plans to raise $550 million from outside investors to acquire AVAX tokens.
AVAX whales open massive 5x and 10x long positions
Not just institutional investors but whales too saw this as a perfect opportunity to gulp in some Avalanche tokens. According to the blockchain analytical firm, Lookonchain, whale opened a 5x leveraged long position on 514,906 $AVAX($17.2M), which was reported to have $920K unrealized profit. Meanwhile, Advisor of World Liberty Finance also opened a 10x long on 66,479 $AVAX($2.2M).
AVAX token reaches 9-month high
On the technical side, AVAX broke from a bullish ascending triangle and reached its 9-month high, as stated above. When the ascending triangle forms, it has a horizontal top, which the bulls test quite often but fail to break through. With every rebound off the resistance level, the bulls establish a higher low, and this continues until the volume increases and the breakout happens. In a standard breakout scenario, the price is expected to rise slightly above $36, derived by projecting the widest section of the triangle from the breakout point. The interesting part is that despite AVAX moving into overbought territory according to the RSI indicator, the bulls still kept pushing the prices higher.
Meanwhile, an investor, who goes by the pseudonym Crypto ELITES, predicted that AVAX could reach $150 in the long term.
