Avalanche Labs CEO Emin Gun Sirer revealed a notable announcement on September 14. A leading investment company KKR collaborated with Avalanche (AVAX) with $417B in AUM (Assets under management). The primary goal remains to tokenize the fund’s exposure.
Avalanche can progress with tokenization with the helping hand from Securitize, a fintech firm. Moreover, the CEO stated that the move would ensure accessibility to institutional private sector strategies by more participants.
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Tale of the Street
The latest announcement has helped Avalanche with its surging social presence. AVAC has witnessed an enormous uptick in social media within the last three months. Moreover, the alt’s social engagement soared by 145.8%, whereas social mentions increased by 246.2% within the past 90 days.
There’s more to AVAX’s optimistic news. The asset’s market capitalization has seen an uptick, growing by 3.92% within the past seven days. Also, trading volume noted a substantial surge over the last week. The index hiked from 309.4M on September 12 to press time’s 632 million. That saw the value almost doubling in two days.
All that Glitters Isn’t Gold
Nevertheless, things are not perfect for Avalanche. Santiment graph shows development activity endured steady declines within the past seven days. That could indicate that GitHub contributors didn’t match enthusiastic market players who joined the pool.
That raised holder durability, considering the restricted development insights. Moreover, Avalanche’s market capitalization dominance dwindles. The alternative coin lost approximately 86% of the market share over the last seven days. That represented 0.55% of the overall market share during this publication.
Another trouble for traders might be the asset’s surged volatility, with the same surging 11.63% within the previous week. That shows Avalanche’s price might be uncertain as far as the future is concerned. In the price context, AVAX traded at $19.12 during this publication, following a 10.88% 24hr drop.
The price indulged in downtrends after hitting the resistance at $21.90 and might test the support at $17.92 soon. The RSI stood near 36.32 during this writing, showing sellers dominated the momentum. Nevertheless, the CMF stayed at zero while moving sideways. That shows press time cash flow didn’t favor any side – sellers or buyers.
Though Avalanche benefits from different factors, the asset’s price action might be highly volatile soon. Enthusiasts should maintain caution and follow the recent platform upgrades to determine AVAX’s potential direction.
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