Avalanche Foundation Bolsters Governance, AVAX Surges to Multi-Year High

Improvements to the Avalanche Foundation’s governance and options of communication have been substantial. The foundation’s goal in increasing the size of its Board of Directors is to strengthen its decision-making and strategic guidance by drawing on a wide range of industry experience.

In addition, the new twitter account is a major development in increasing openness and participation in the Avalanche community. In keeping with the foundation’s objective of encouraging innovation, cooperation, and long-term development across the Avalanche ecosystem, this new account will function as a central point for the dissemination of frequent updates, insights, and projects.

Impressive Double-digit Gains

The community witnessed fresh excitement and momentum as AVAX rebounds, breaking past the $54 barrier for the first time since May 2022. This unexpected upswing, after a period of muted trade, highlights the AVAX ecosystem’s innate resilience and promise.

Avalanche (AVAX) has surged to a new multi-year high, outpacing other altcoins with impressive double-digit gains. Clearing the December 2023 peak of $49, AVAX hit an intraday high of $57.30 today, marking a significant milestone in its steady recovery since late December, when it rebounded from the $27 range.

However, according to the daily price chart, a potential 10% climb for AVAX is on the horizon, targeting $60, the level last seen in May 2022. In a highly bullish scenario, the token could even surpass this resistance level and aim for the $70 milestone. On the downside, if AVAX fails to maintain above $52, the key support lies at $49.96, with a break below $41.17 signaling a reversal of the bullish trend.

Avalanche (AVAX) Price Chart (Source: CoinMarketCap)

At the time of writing, Avalanche has climbed over 35.75% in the last 7 days, trading at $53.91 as per data from CoinMarketCap. With a market cap now at $20.2 billion, AVAX’s bullish momentum has been fueled by a surge of 240% in a year. However, the relative strength index (RSI) indicates that the altcoin is currently in the overbought condition.