In 2021, Avalanche (AVAX) emerged as a prominent player in the cryptocurrency arena alongside Solana, gaining the nickname “Ethereum killer.” Its price skyrocketed to $146 within a short time, drawing significant attention from investors and securing its place in the top 10 cryptocurrencies. However, AVAX’s meteoric rise was matched by a steep decline, and by early 2023, its value had plummeted to single-digit figures. This has left investors questioning whether AVAX will experience another surge.
Analysts Weigh In
Despite a strong upward trend in 2024, AVAX could not maintain its momentum and began to drop again. Currently trading above $20, it remains 83% below its all-time high (ATH). Nonetheless, analysts express optimism about AVAX’s future. Notably, two analysts have shared bullish sentiments that have captured the market’s attention.
Daniel Ramsey, commenting on X, shared an optimistic outlook accompanied by a chart. He expects further corrections and plans to accumulate AVAX between $16.40 and $22, with target prices set at $39, $55.8, and $93.8.
Similarly, The Moon highlighted a potential breakout from a descending wedge formation that has persisted for nearly a year. He identified mid-term targets of $28, $33, $41.3, and $54.
How Much is AVAX Now?
Currently 86% below its ATH, AVAX saw a 7% rise today, reaching $24.20. Over the past week, it has shown a 9.70% movement, and more notably, an 11.30% increase over the last 30 days, suggesting it is moving contrary to the market.
Key Insights and Projections
Based on the analysts’ insights, here are some concrete conclusions:
- AVAX is likely to experience further corrections, potentially providing buying opportunities between $16.40 and $22.
- Mid-term price targets include $28, $33, $41.3, $39, $55.8, $54, and $93.8.
- The descending wedge formation indicates a possible breakout, which could signal a significant price surge.
- Market activity has increased, as evidenced by a 36.40% rise in trading volume, reaching $271 million.
AVAX’s recent performance, coupled with optimistic analyst predictions, suggests that it may be poised for another rise. Investors are closely watching these developments, eager to see if AVAX will once again reach new heights.