While Solana gained significant attention last year, Avalanche (AVAX) also had a strong performance, securing multiple partnerships, including collaborations with gaming giant BLRD and Amazon’s AWS. AVAX witnessed price surges supported by key developments, such as the launch of Stars Arena, until it faced a major attack that led to more stable market behavior.
AVAX emerged as one of the biggest gainers in the last quarter of 2023, with a price increase of over 187% compared to January 2023. However, following a report by Matrixport suggesting a potential delay in SEC’s approval of a spot Bitcoin ETF until the second quarter of 2024, AVAX, along with other major cryptocurrencies, experienced a sharp decline.
The uncertainty at the end of 2023 and beginning of 2024 raised concerns among AVAX investors. To address the market’s anxiety, CoinCodex’s machine learning algorithms, which are increasingly relied upon, were consulted for predictions.
CoinCodex’s algorithms forecasted a fluctuating price for Avalanche but anticipated a slight downward movement, predicting AVAX to drop to $32.98 by January 31, 2024, which is below the current price of $37, indicating the volatility despite ETF expectations.
The algorithms also projected a slight increase in AVAX’s price in February, suggesting it will trade slightly above $37, which is higher than its current trading price. Despite a 24-hour increase of 12%, bringing the price to $37, AVAX experienced a 14.74% loss over the last week, while its 30-day trajectory showed a 14% increase, indicating an overall upward trend.