Avalanche (AVAX) saw a notable increase in value over the past 24 hours, driven by the announcement of a key development. The Avalanche Foundation revealed plans to repurchase 1.97 million AVAX tokens previously sold to the Luna Foundation Guard (LFG), subject to court approval. LFG, the entity behind Terra's collapse in 2022, held significant reserves of AVAX.

Following the announcement, AVAX jumped 6.15%, rising from $25 to $27, later surpassing $28. Despite this, the token still faces resistance near the $30 level. However, if the bullish momentum continues, AVAX could break past this barrier.

In addition to price action, AVAX has gained market momentum, becoming the fourth-most trending asset with positive sentiment. It ranked among the top 15 assets by market cap, showing a 9% gain. The asset's Open Interest also climbed from $292.6 million to over $322 million, signaling strong market interest.