VanEck Backs Avalanche with Web3 Fund Launch, Setting the Stage for a Breakout

AVAX Avalanche price is currently trading around $25, holding steady above key support as fresh institutional backing enters the scene.

Asset management giant VanEck is setting up a private Web3 fund that will operate on the Avalanche (AVAX) blockchain and is set to launch in June.

The firm’s flagship fund will focus on emerging technologies, including blockchain, and will be based in the British Virgin Islands. It will invest in a broad range of Web3 projects, with a particular focus on decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse.

Institutions venturing into the crypto sphere isn’t exactly new, but setting up a fund that’s fully dedicated to Web3 and operating it on a blockchain are noteworthy developments.

The announcement comes as Avalanche has been gaining attention for its high performance and low transaction fees, making it an attractive option for institutional investors.

Avalanche’s current price is $25.17, up 7.29% in the last 24 hours.

The charts are quietly flashing strength, too. AVAX is sticking to a strong multi-year trendline, and both USD and BTC pairs are hinting at a possible breakout.

With support holding and a major announcement teased for next week, Avalanche could be gearing up for a much bigger move, and the Avalanche (AVAX) price prediction is starting to lean bullish.

VanEck Backs Avalanche With Web3 Fund Launch

In a fresh move that’s catching attention across the crypto space, asset management giant VanEck is stepping into the Avalanche ecosystem. Set to launch this June, VanEck’s new private Web3 fund will operate directly on the AVAX network, adding serious weight to the long-term outlook and fueling renewed interest in the AVAX Avalanche price prediction.

Announcing its new private Web3 fund. 🌎

The fund, which will be based in the British Virgin Islands, will invest in a broad range of Web3 projects, including decentralized finance, non-fungible tokens, and the metaverse.

Institutions venturing into the crypto sphere isn’t exactly new, but setting up a fund that’s fully dedicated to Web3 and operating it on a blockchain are noteworthy developments.

Chart Analysis: Multi-Year Trendline Holds As Breakout Potential Rises

Avance has long positioned itself as a high-performance blockchain, but institutional support has been the missing piece.

“Not surprising to see institutions getting involved in Web3 in a meaningful way. Interesting to note that VanEck's new private Web3 fund will be operating on the Avalanche blockchain.”

— Ali A (@ali_chart) April 26, 2024

Part of what drives interest in the AVAX Avalanche price prediction is the lack of crucial support. At least on the lower time frames, the price action has been pivoting at key levels.

The long-term monthly chart shared by crypto analyst CryptoCobby shows AVAX holding a steady higher low formation since its early days, essentially respecting a multi-year trendline dating back to 2020.

This structure is still in play, and a glance at the broader picture is always helpful when forming an AVAX Avalanche price prediction.

As the chart shows, price is currently converging on this ascending support, a structure that has historically led to significant upside moves whenever tested.

Analyst CryptoCobby notes that for those thinking they’ve missed the move, the chart tells a different story. AVAX is trading around $25, a level that’s far below previous highs. However, it’s also part of a broader accumulation zone that saw a lot of buying pressure in 2023.

Volume remains relatively low, suggesting the big players may still be quietly loading up. If the main trend holds and this support zone manages to contain selling pressure, then we could be in the early stages of a much bigger move.

AVAXBTC Breakout Structure Hints At Incoming Rotation

While the AVAXUSD pair was sitting firmly on major multi-year support, the AVAXBTC pair is now lining up for a potential show of strength. Shared by analyst Horse in Crypto, the weekly AVAXBTC chart highlights a descending trendline resistance, which is now nearing its breakout.

This trendline has been in play since the start of 2022, presenting a multi-year resistance that could be crucial for setting the tone of the broader trend.

What adds interest to this setup is the behavior of the Ichimoku cloud. The thick resistance zone that’s loomed overhead for months is beginning to thin, especially heading into the second half of 2025. This thinning cloud suggests weakening bearish momentum, which could increase the odds of a trend breakout.

If AVAX manages to break out of this compression zone and chart structure with good volume, it could prompt a broader reevaluation of its potential, setting the stage for a more optimistic AVAX price prediction heading into late 2025.

AVAX Price Analysis

Looking at the 6-hour