Recently, Grayscale's update on the Avalanche ETF filing has attracted considerable attention. From the market perspective, AVAX is currently trading around $12.22, with technical indicators showing an RSI of 53.7, indicating a clear bullish momentum.

From a technical analysis standpoint, the current support level is set at $11.85, with resistance above at $12.59. More notably, the $12.46 level is worth paying attention to—if the price can effectively break through this point, it may continue to push towards the resistance level and even challenge higher prices.

Institutional participation often changes market dynamics. Actions by traditional financial institutions like Grayscale usually suggest that more institutions might be preparing similar strategies. In this context, market risk appetite could increase, further strengthening the bullish forces.

From an operational perspective, the vicinity of $12.22 can serve as a reference point. If AVAX can sustain above this level and break through $12.46, the subsequent target could be $12.59 and above. Equally important is the downside risk—if the price falls back below $11.85, it indicates that the bulls have failed to effectively control the situation, and it may be time to reassess holdings.

Overall, this AVAX trend is indeed worth watching, especially with institutional involvement. However, trading always requires setting protective measures in advance; support levels and stop-loss points should be planned ahead.