AVAX surged 16% in less than 48 hours.
Avalanche Foundation plans to repurchase 1.97M tokens from the LFG.
The recent price surge flipped AVAX into a bullish trend.
AVAX, the native crypto of the Avalanche blockchain ecosystem, has surged 16% in less than 48 hours amid disclosure that the Avalanche Foundation will repurchase all 1.97 million tokens it sold to the Luna Foundation Guard (LFG) in April 2022. According to reports, the parties have agreed on the deal and are waiting for approval from the bankruptcy court.
Notably, AVAX’s price reversed from a slight pullback on Thursday, October 10, about a day before the parties announced the agreement. The blockchain token’s price bounced off support at $25.04, embarking on a steady rally with significant momentum. TradingView’s data shows AVAX trading for $28.13 at the time of writing after reaching a $29.01 high earlier in the day.
Related: Altcoin Rally: AVAX Targets $33, TON Eyes $6.33, and WIF Poised for 145% Gain
The scalability-focused crypto’s price behavior for the past two days signals a bullish outlook triggered by the announcement. It suggests that AVAX bulls are filli…
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