Avalanche price continued rising as crypto analysts remained optimistic that it is undervalued and that it could maintain its bull run. The AVAX token jumped to $37.20, its highest level since May 2024. It has jumped by over 105% from its lowest level this year.
Analysts are optimistic that Avalanche price could hit $100
Crypto analysts believe that the AVAX token could surge to as high as $100 as the crypto bull run gains steam. In an X post, an analyst known as Kaleo, who has over 658k followers, noted that the coin could climb to $100, signaling a 185% jump from the current level.
Another analyst, ZAYK Charts, expressed a similar sentiment, citing a falling wedge pattern that has formed on the weekly chart. In price action analysis, this pattern signals a possible bullish reversal. It is formed when an asset forms two converging falling trendlines.
Meanwhile, Polaris, another crypto analyst, noted that Avalanche was now in an accumulation phase, which could lead to an “explosive” growth in the coming months.
Potential catalysts for AVAX price
There are several catalysts that could push Avalanche much higher in the coming months. From a macro level, the recent Donald Trump election could supercharge the growth of the blockchain industry in the coming years. Trump has promised to be a more crypto-friendly president, unlike Biden whose Securities and Exchange Commission focused on litigation.
Second, Avalanche is gaining more traction because of its faster speeds and low transaction costs. Just last week, the network was selected by BUIDL, a large fund with over $500 million in assets. It is operated by Securitize and Blackrock, the biggest player in the asset management industry.
Third, analysts believe that Avalanche is undervalued compared to Solana, which has become a $100 billion juggernaut. This valuation gap could narrow if Avalanche becomes a major player in the meme coin industry.
Avalanche’s ecosystem is also doing well, with its DEX ecosystem handling over $2 billion in volume in the last seven days.
Avalanche token price analysis
The daily chart shows that the AVAX price has an encouraging chart pattern. It has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other. In most cases, this crossover is one of the most bullish signs.
The coin has also formed a break and retest pattern, by moving back to $30.8, which coincided with the highest swing on September 26. It is also approaching the 38.2% Fibonacci Retracement level.
Therefore, the coin will likely continue rising as bulls target the next key level at $47, the 61.8% retracement point, which is about 33% above the current level.
