AVAX Prices Rise 3.45% on Avalanche 9000 Upgrade and $40 Million Funding Plan

The AVAX token has risen 3.45% over the past 24 hours to $29.10. It is currently trading at $28.91, up 10% over the past week and 12.5% over the past 30 days.

AVAX's rise is attributed to the upcoming Avalanche 9000 upgrade, a surge in network activity, and a strengthening of the market structure.

The Avalanche Foundation announced the launch of a $40 million grant programme to support developers building layer-1 blockchains on the Avalanche network.

Avalanche 9000 is described as the ‘largest network upgrade’ since the launch of the main network in 2020, and is designed to improve scalability, cost-effectiveness, and the developer experience.

Technically, AVAX is trading in a significant demand range of $27 to $28.65, with strong support provided by the 200-day EMA.

According to IntoTheBlock, AVAX has seen approximately 7.7 million AVAX purchased by 191,230 addresses in the $27.51 to $28.44 range, indicating strong support.

DefiLlama data shows Avalanche's TVL increased 43.5% from $717.4 million on August 5 to $100 million today, with AVAX prices up more than 50% over the same period.

TVL growth is indicative of increased user interaction, which leads to higher demand for AVAX and typically signals a significant price increase.

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