As the year draws to a close, investors are witnessing a positive final quarter. Bitcoin is struggling to maintain the $44,000 mark, a significant improvement over last year’s tumultuous period marked by fear, uncertainty, and doubt (FUD) and the FTX collapse. Currently, Bitcoin trades well above the $15,500 low, but what about AVAX Coin?
Solana, after the FTX crash, made a remarkable recovery from $8.5 to the brink of $90. Discussions of SOL Coin’s potential rise to $96 when it was at $30 have proven to be accurate as it impressively surged in value. Meanwhile, AVAX Coin is also making a comeback, trading at $44.9 at the time of writing.
AVAX price was at a low of $8.65 in October, mirroring the bear market bottom of SOL Coin. Despite the unlocking of $200 million worth of tokens, AVAX Coin has managed an impressive 425% increase in just 63 days.
The rally has continued, breaking through the 750-day resistance line, indicating increased momentum. This breakthrough follows predictions that long-term breakouts for many altcoins were imminent, and now the results are becoming visible.
Similar to Bitcoin, which has been on an upward trend for nine weeks, Avalanche (AVAX) shows a continuing RSI rise, suggesting the rally could persist.
Crypto analyst Bluntz Capital predicts that the popular altcoin will complete its fifth and final wave at $55. Another analyst, known as Flash, sets a higher target of $65, backed by a breakout from a long-term structure and closes above the horizontal resistance area. The daily chart reflects this optimism, with the price in its fifth and final wave, potentially peaking at $59. However, closures below $44 could dampen this optimism, with a bearish scenario potentially leading to a sharp decline towards a $22 support target.