The Avalanche price has been in a strong uptrend in the past few months as the crypto bull run continued. This month, the AVAX token rose to a high of $55.82, its highest level since March 26. At its peak, it was up by over 550% from its lowest level last year.
Crypto analysts see AVAX soaring
Avalanche, one of the leading layer-1 networks in crypto, has more room to run, according to some analysts. In an X post, Kong Trading, an account with over 133k followers, predicted that the coin has room to rally to $1,000 in 2025.
If that happens, it means that AVAX needs to rally by about 2,027%, which is possible. For example, Mantra price rallied by over 7,000% this year, while Stellar Lumens (XLM) and Ripple (XRP) rose by almost 500% in November.
Kong believes that if Ethereum rises to between $10k and $20k, the Avalanche price will hit $1,000.
CryptoBullet estimated that the coin will rise to between $150 and $180, citing a break and retest pattern. In most periods, this pattern is one of the most popular continuation signs.
Grronk, on the ither hand, pointed to the fact that Avalanche has more upgrades coming up in the next few months than other networks. He expects the coin to jump to $135.
Avalanche price has strong technicals
The daily chart shows that the AVAX price has been in a steady uptrend. This rally paused this week as the coin pulled back to a low of $41, which was notable since it was its highest swing on May 21.
Avalanche also formed a golden cross chart pattern as the 50-day and 200-day moving averages flipped each other. It also moved between 23.6% and 38.2% Fibonacci Retracement levels.
Most importantly, there are signs that the coin is forming a cup and handle pattern whose upper side is at $65.28. Therefore, if we measure the cup’s depth, we can estimate that the Avalanche price will rise to $112. If this happens, it means that AVAX’s price will rise by 140%.
The potential catalysts for Avalanche will be the fact that the amount of tokens on exchanges has continued to drop. These coins stand at about 28.36 million, down from over 29 million a few months ago.
Avalanche will also be going through the biggest upgrade since it launched its mainnet a few years ago. Avalanche9000 is expected to lower barriers that will enable each purpose-built chain to benefit from layer-1 architecture.
To be clear, the biggest catalyst for the AVAX rally will be Bitcoin’s performance, which often drives activities among altcoins.
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