AVAX Price Eyes Rebound To As High As $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

Asset management firm Grayscale has officially filed with the US SEC to offer an Avalanche ETF, according to a recent analysis. This comes just as the AVAX price is eyeing a rebound to as high as $44.

Grayscale Fills With US SEC To Offer Avalanche ETF

Grayscale has now filed with the US SEC to offer an Avalanche ETF, according to a recent post by crypto analyst Nate Geraci. It follows last week’s filing from Nasdaq with the Commission for 19b-4 to list and trade this proposed ETF on the exchange. The SEC will have to determine whether or not to approve the fund.

This makes Grayscale 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 have been filing 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. Notably, US SEC Chair nominee Paul Atkins has also affirmed that he plans to prioritize regulatory clarity for the industry.

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.

AVAX Price Could Soar To $44

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

As highlighted by the analyst, AVAX’s chart is one of the cleanest on the market at the moment. According to Jarfan, the altcoin has taken out previous lows and looks to be putting a double bottom on the higher timeframe.

In line with this, Jarfan stated 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.

The crypto analyst further highlighted that the AVAX price is holding above a very strong support right now with barely any drawbacks. As such, Jarfan predicts 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 further rally to the upside.

Finally, the crypto analyst predicts that Avalanche will break in the top 10 cryptocurrencies by market cap very soon.