Avalanche’s token hovered near a key technical level on Thursday as traders reacted to the launch of a new Grayscale product tied to the network. At press time, AVAX traded at $9.58, down about 0.8% over the past 24 hours. Over the last week, the token moved between $8.82 and $9.87, leaving it close to the top of that range.
AVAX is up roughly 8.8% over the past month, though it remains about 47% below its level from a year ago. Derivatives activity softened during the latest session. CoinGlass data showed futures volume falling 26% to $489 million, while open interest dropped 4.41% to $432 million. When both measures decline together, it often points to traders reducing positions while the market waits for a clearer move.
Grayscale launches GAVA on Nasdaq
The product at the center of the move is the Grayscale Avalanche Staking ETF, which began trading on March 12 on Nasdaq under the ticker GAVA. It first appeared in August 2024 as the Grayscale Avalanche Trust, a private placement vehicle limited to accredited investors. After a regulatory filing in 2025, it was converted into a publicly traded exchange-traded product.
At launch, the fund carried a net asset value of $23.33 per share and about $5.55 million in assets under management. The ETF tracks the price of AVAX and also incorporates staking rewards from the Avalanche network. Average staking returns on Avalanche were about 7% in 2025, and that yield is now reflected in the fund structure. For traditional market participants, the product offers AVAX exposure without direct token custody.
$10 remains the line traders are watching
On the chart, AVAX is edging toward $10, a level that has capped prior rallies. Price is also nearing the upper Bollinger Band around $9.8 to $10, making that zone the main area under watch.
Volatility has narrowed in recent days as the Bollinger Bands tighten, a setup often seen before a stronger directional move. AVAX has also reclaimed its 20-day moving average near $9.1 to $9.2, and that level has held on recent pullbacks. Momentum has improved as well, with the relative strength index at 53, slightly above neutral and still below overbought territory.
The chart has also shown a pattern of higher lows since early February, suggesting buyers have been rebuilding positions gradually. Immediate support sits near $9.10 to $9.20, while a deeper pullback could bring $8.40 to $8.50 into focus. For now, the key test remains the same: a clear daily close above $10 would be the first stronger signal that AVAX is attempting to reverse after months of decline.