Avalanche (AVAX) is on the rise, crossing the $65 mark a day after the launch of a new $220 million to boost the development of its ecosystem. At the time of writing, AVAX/USD is trading around $66.234.

During the previous session, the Avalanche Foundation launched a new fund called “Blizzard”, containing contributions from its newest investors, including Polychain, Three Arrows and Dragonfly. This is the latest in a series of incentive programs launched by major blockchain networks in recent months in a bid to support the development of DeFi and NFT based projects on their respective networks.

Avalanche’s Blizzard to Expand Focus Beyond DeFi Development

Blizzard will build on top of the Avalanche Rush liquidity mining program which was announced in August. While the previous program focused on DeFi and was valued at $180 million, the latest fund will be spread across four areas: DeFi, enterprise applications of Avalanche’s blockchain network, NFTs and even culture applications which include social tokens and gaming.

The Avalanche Rush program helped boost transaction volumes on the blockchain from over 4 million to nearly 19 billion since its launch. The increased on-chain activity has helped drive up the value of the AVAX token by more than three times, from around $21 in August, catapulting it to rank 15 among cryptocurrencies based on market capitalization.

Director of the Avalanche Foundation, Emin Gün Sirer, notes, “The last two months have shown incredible growth across Avalanche, with users, assets, and applications joining the community in record-highs. Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche’s position as the premiere home for projects and people pioneering the next era in our space.”

AVAX/USD Technical Analysis

Popular crypto analyst and one of the hosts of Altcoin Daily, Aaron Arnold, lists AVAX among the top five altcoins that could see explosive moves in November. In his latest YouTube video, he observes, “Avalanche is providing a lot of incentives for different DeFi [decentralized finance] protocols to come on the Avalanche blockchain and it’s working.”

On the 4-hour price chart of AVAX/USD, we find a strong bullish bias being exhibited by moving averages along with the MACD. However, the momentum indicator suggests some selling interest as well.

Avalanche’s price has crossed the pivot point at $64.98 recently and needs sustained buying interest to go higher. The next stop where buyers could encounter some obstacle will be the immediate resistance at $72.64, so keep an eye on price action above $70.