- Avalon (AVL) price surged more than 20% in 24 hours to hit highs of $0.23.
- This follows June 9, 2025 announcement of an 80 million AVL token burn.
- AVL price could break above $0.30 and target recent highs.
Avalon Labs’ native token, AVL, has surged 20% in the last 24 hours, fueled by trader reaction to news of an 80 million token burn.
The venture capital-backed Bitcoin on-chain capital markets platform revealed the news of its 80 million AVL burn on June 9.
In reaction, the token’s price shot up 20% to hit an intraday high of $0.23.
This happened as the broader market bounced higher amid Bitcoin’s surge from lows of $101k last week.
With AVL price near a key level, is the optimism going to drive bulls much higher?
Avalon Labs announces burn of 44% of circulating supply
Off the back of a recent high-profile investment from YZi Labs, Avalon Labs has taken another major step towards bolstering its native token.
The project, focused on Bitcoin-backed decentralized finance, announced on June 9, 2025 it had burned 80 million AVL tokens.
Per the team at Avalon Labs, the incinerated tokens are primarily from the unclaimed chunk of supply from its March 2024 airdrop.
Over $20 million worth of AVL hit community wallets at the time, and now 80 million have permanently been removed.
The burned tokens represent approximately 44% of Avalon’s circulating supply.
Avalon Labs has officially burned 80M $AVL , representing 44% of the circulating supply.
These unclaimed airdrop tokens, worth approximately $16 million, have now been permanently removed from circulation. Over the past year, a total of $20M worth of $AVL has been claimed by… pic.twitter.com/GXMWKpmbNF
— Avalon Labs 🎩🔮 (@avalonfinance_) June 9, 2025
Avalon Labs’ token burn injected notable upside action in the AVL market, with bulls retesting levels seen in early May.
These gains follow another spike after YZi Labs announced a strategic investment in the project.
Furthermore, buying pressure mounted earlier in the year after Binance Alpha listed AVL.
Is AVL price going to $1?
AVL’s price action is flashing bullish signals, with the token trading around $0.20.
Recently, the Avalon Labs price broke above an ascending triangle pattern, extending gains after a sharp decline.
Buyers are looking to strengthen further with a breakout likely to push price to $0.23.
In mid-May, Avalon price rejected bulls’ advances around $0.31, and in late May, buyers ran out of steam after a channel breakout to dip from around $0.27.
These levels present key horizontal resistance zones, above which bulls can target $0.44. However, there’s a major supply wall near $0.75.
Avalon price chart by TradingView
In the case sell-off pressure intensifies amid profit-taking and altcoin weakness, a revisit of $0.18 and $0.13 is possible.
From a technical perspective, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are showing early signs of bullish divergence.
This suggests growing momentum. However, traders should monitor for sustained volume and price stability above the breakout level to confirm the move.
