- Konami and Avalanche team up to launch “Resella” NFT platform.
- Indicators suggest that prices could surge.
Metal Gear Solid creator, gaming giant Konami, teams up with Avalanche [AVAX] They will develop a new NFT platform called “Resella.” This collaboration marks Konami’s entry into blockchain and could ignite the Avalanche adoption ecosystem.
Dan Johnson, crypto analyst Tweeted AVAX will expand after price consolidation. Konami’s massive user base could bring a lot of attention to Avalanche’s network and attract new users.
AVAX remains silent despite the news
Despite the bullish news, AVAX is stagnating in the short term. At the time of writing, AVAX is trading at $27.76, down 1.1% over the past 24 hours.
The asset fell below the $29.22 support level on June 24 before rebounding to current levels, suggesting that the market is in a “wait and see” phase while investors evaluate the impact of the Konami partnership.
Source: TradingView
Mixed signals from on-chain metrics
To evaluate analysts’ predictions, AMBCrypto analyzed sentiment, social volume, and development activity data.
Social volume data has shown large fluctuations, with the recent spike likely tied to the Konami partnership announcement, which could signal increased market volatility in the short term.
Development activity has seen several spikes in recent days, with today’s spike likely having something to do with Konami’s announcement, which is bullish market sentiment for the long term.
Source: Santiment
Bulls vs Bears
Additionally, we analyzed the long/short ratio data from Coinglass. According to the data, Avalanche’s long/short ratio was 83.33% for long positions and 16.12% for short positions.
This suggests that bulls are in control of the market, which may be positively correlated with expectations of Konami’s announcement and the possibility of AVAX price continuing to rise.
Source: Coinglass
Avalanche [AVAX] Price Forecast 2024-25
What’s next for AVAX?
The analyzed market sentiments are all pointing to a bullish uptrend, which coincides with analysts’ possible breakout stages. AVAX could surge to the resistance zone at $29.22 and then break out to the target level at $39.46.
However, if the bullish momentum is not enough, the price may reverse the resistance zone and fall further.
