Can AVAX Break the $30 Mark Soon?
Avalanche (AVAX) has been making waves recently with a significant price increase. Let’s break down what’s driving this surge and explore the AVAX price forecast to see whether AVAX can maintain its momentum.
AVAX Price and Trading Volume Are Climbing
Current Price: AVAX is currently priced at $27.75, marking a 17.5% rise in the past week alone.
Trading Volume: The coin’s 24-hour trading volume has spiked, reaching over $445 million, indicating strong market interest.
Institutional Interest Fuels Confidence
A big reason behind AVAX’s recent surge is renewed institutional interest. Notably, Citi, a global financial giant, filed a patent for a blockchain project that runs on the Avalanche network. This news has boosted investor confidence, with many speculating that
AVAX is on the path to further growth.
Read Avalanche’s [AVAX] Price Prediction 2024–2025
https://coinpedia.org/price-prediction/avalanche-avax-price-prediction/
Key Resistance Levels Approaching
AVAX is nearing critical resistance at $28.
If it can break through this level, experts suggest it could rally to $30 and beyond.
Some analysts are even predicting that AVAX might hit $36.63 by October 2024, which would be a 32.91% increase from its current price.
Evergreen Subnet Launch and Ecosystem Growth
Avalanche’s development isn’t slowing down either. The recent launch of its Evergreen Subnet has increased blockchain interoperability, opening new doors for developers to create decentralized applications.
This growth adds even more potential for AVAX’s price to rise.
Large Holder Inflows Show Strong Demand
Large holder inflows peaked at 4.97 million AVAX this week, while outflows reached 3.67 million AVAX.
Although demand has slightly slowed, inflows still outweigh outflows, showing continued interest from major investors.
Grayscale’s Endorsement Is a Big Win
One of the most exciting developments for AVAX is Grayscale Investments offering a trust fund for Avalanche.
Grayscale, managing $50 billion in assets, provides investors with an easier way to gain exposure to AVAX, and its involvement is a significant confidence booster for the crypto’s future.
Market Outlook Remains Bullish
With demand still high and institutional support growing, the bullish sentiment around AVAX is undeniable.
Some experts even believe AVAX could return to the top 10 cryptocurrencies by market cap by the end of the year.
Is AVAX Set for More Gains?
- Right now, all eyes are on AVAX as it continues its upward trend. If it can maintain this momentum and break through key resistance levels, we might see AVAX soar even higher in the coming months.