- Avalanche (AVAX) surged over 28% to reach a 15-month high of $23.95
- The surge in AVAX resulted from the Onyx and Apollo Global collaboration within Project Guardian.
The leading altcoin, Avalanche (AVAX), has soared by over 28% within the last 24 hours, reaching a high of $23.95, marking its peak in 15 months.
This significant resurgence in Avalanche’s price has been due to a recent collaboration announcement between Onyx by JPMorgan and Apollo Global. This collaboration falls within the framework of Project Guardian, aiming to integrate LayerZero Labs to connect Onyx with a permissioned Avalanche Evergreen Subnet. The objective is to streamline fund subscriptions and redemptions for WisdomTree Prime, indicating a significant stride in transforming the asset and wealth management industry.
Onyx and Apollo Global’s test using blockchain technology shows how it can automate portfolio management, paving the way for widespread adoption. They’re using Avalanche Evergreen Subnets, customized blockchains, aligning with Ava Labs’ aim to digitize global assets through Avalanche’s unique features.
Will AVAX Reach $26?
The daily price chart displays a bullish outlook for AVAX, considering the continued surge, propelling Avalanche from $18.36 to $23.95. Further, the daily trading volume has surged by more than 110% to $1.7 billion.
If the cryptocurrency sustains its recovery momentum, it has a chance to reclaim its 2022 highs. Currently positioned above the crucial resistance level of $21, if the trend continues, AVAX could climb towards $24 and even target $25. In an optimistic scenario, Avalanche might successfully breach the resistance at $31.45.
However, a potential rejection from the upper boundary of the falling wedge could lead to a downturn in Avalanche’s price, possibly dipping below the crucial support of $20, which may control the bullish outlook. Continuing the primary downward trend might push AVAX toward the range low of $18.
