AVAX price has dipped 12% in the past 24 hours as liquidity shifts from large-cap to mid-cap cryptocurrencies, fueling double-digit gains for tokens like PNUT and DOGE. Despite this, analysts remain bullish on Avalanche (AVAX), with some asserting that $130 represents a foundational price level. A strong correlation between Ethereum (ETH) and Avalanche suggests a potential 660% breakout for AVAX, mirroring ETH's recent escape from an 8-month downtrend. Could AVAX rally 5X to $300?
Why Analysts Believe $130 Is the Floor for AVAX
Crypto analyst Grronk forecasts a rapid rebound to $130 for Avalanche, citing historical patterns. In October 2023, AVAX plummeted 27% before skyrocketing 479%. If this trend repeats, Grronk anticipates a 500% surge to $130—a baseline target. Currently, AVAX trades at $32.06, with 24-hour volume up 7%.
Technical Outlook: Can AVAX Rally 660%?
Avalanche's price trajectory hinges on its 0.84 correlation with Ethereum (per IntoTheBlock data). ETH's breakout from a prolonged falling channel signals potential upside for AVAX, which remains confined to its own downtrend. Key factors supporting a bullish scenario:
- Ethereum ETF inflows: Rising institutional demand could propel ETH past resistance at $3,550 and $4,000, dragging AVAX upward.
- AVAX's falling channel: A breakout above this pattern may trigger the projected 660% upswing.
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Short-Term Targets and Critical Levels
- Immediate resistance: $43.76
- Potential yearly high: $65
- All-time high retest: $147
With $1 billion in AVAX at a profit/loss inflection point, the token's movement may synchronize with Ethereum's next major price action. A channel breakout could catalyze the climb to $306.
FAQ: Avalanche (AVAX) Price Potential
Q1: What’s driving the 660% AVAX price prediction?
Analysts cite AVAX's 0.84 correlation with Ethereum, which recently exited a long-term downtrend, as the primary catalyst for Avalanche's projected surge.
Q2: How does Ethereum’s price affect AVAX?
The 60-day 0.84 correlation implies AVAX typically mirrors ETH’s movements. Ethereum’s breakout suggests similar momentum for Avalanche.
Q3: Is $300 achievable for AVAX?
Yes, if AVAX breaks its falling channel and follows ETH’s upward trajectory, a 660% rally to $306 becomes plausible.
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Disclaimer: This content reflects market conditions and the author’s perspective. Always conduct independent research before investing. The publisher isn’t liable for financial losses.