$AVAX Momentum Builds: Backed by FIFA & VanEck, $30 Target in Sight
Avalanche (AVAX) surged to $25.74 on Friday as bullish momentum strengthened, driven by two major announcements. FIFA, football's global governing body, revealed plans to develop a Layer-1 blockchain on the Avalanche network, while global asset manager VanEck announced the launch of the PurposeBuilt Fund, which will invest in Avalanche-based applications and tokens. These developments have lifted investor sentiment and fueled a sharp rally in AVAX, with bulls now eyeing the psychological $30 level.
FIFA’s move to adopt Avalanche for blockchain infrastructure comes on the heels of the Avalanche 9000 update, which aims to attract developers and foster custom Layer-1 chains. This news sparked a 9% price jump. Meanwhile, VanEck’s new digital assets fund, set to launch in June 2025, will focus on projects with real-world utility within the Avalanche ecosystem, highlighting growing institutional interest.
AVAX rebounded from its weekly support at $20.99 earlier this week, gaining over 13% by Thursday. That zone coincides with the 50-day Exponential Moving Average (EMA) at $22.21, while on Friday, the price approached the 200-day EMA at $25.83. A sustained close above this level could trigger a push toward $30, with a breakout potentially extending gains to $33.60.
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