Avalanche Soars 20% In 24 Hours – Analyst Reveals Next Price Target
Avalanche (AVAX) has made a major move, breaking through a key resistance level and surging more than 20% in less than 24 hours. The surge has reignited bullish sentiment among analysts and investors, who are now keeping a close eye on AVAX’s potential to hit the key $50 mark in the coming days. The breakout signals a shift in market dynamics, with rising demand and rising optimism driving price action.
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Prominent analyst and cryptocurrency investor Kaleo has shared a detailed technical analysis of X, suggesting that once AVAX breaks above the $50 level, it could trigger a massive rally. He highlighted the importance of this psychological and technical level as a gateway to exponential price growth, potentially attracting more momentum-driven buyers.
Avalanche’s recent performance reflects the broader strength of the cryptocurrency market, as the major altcoin regains focus amid a bullish cycle. With market conditions favorable, AVAX is likely to continue its upward trajectory if it remains above current levels. However, traders are also cautious and aware of potential profit taking or resistance near the $50 threshold.
avalanche preparation rally
Avalanche is on the verge of a massive rally, following its pattern from the last bullish cycle. The price has surged above key supply levels with impressive strength and is now less than 15% away from the key $50 mark. This level has caught the attention of traders and analysts as a break above it could signal the beginning of an aggressive bullish phase.
Kaleo recently shared technical analysis on Xemphasizing the importance of the $50 level. Breaking through this psychological and technical barrier could spark a strong rally, potentially doubling AVAX’s value in the short term, Kaleo said.
He also highlighted the AVAXBTC chartshowing a similar breakout pattern, confirming the bullish sentiment surrounding Avalanche. Kaleo predicts that if this momentum continues, AVAX could quickly reach $100.
Despite the optimism, the possibility of an overall market correction brings a degree of caution. AVAX could face a temporary pullback as Bitcoin shows signs of a possible pullback to consolidate and gather momentum.
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However, such corrections could present buying opportunities for those with an eye on long-term gains. As Avalanche approaches this critical stage, investors are eager to see if it can break above the $50 level and achieve the explosive rally analysts are predicting.
AVAX tests fresh supply levels
Avalanche is trading at $43.6, its highest price level since April, after a strong break above key resistance around $35. The impressive price action has reignited optimism among investors and analysts, with AVAX showing resilience as it pushes for new supply levels.
Currently, AVAX appears poised to challenge the key $50 mark, a psychological and technical level that could determine its next leg higher. However, the coin may consolidate below this level in the coming days. Consolidation will allow the market to digest recent gains and set the stage for a stronger move higher.
On the downside, if AVAX struggles to reclaim $50, it could trigger a pullback to lower demand areas, providing the necessary support for its next move higher. This pullback does not signal a bearish trend, but is a healthy correction that could strengthen AVAX’s continued growth trajectory.
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As Avalanche continues to climb, investors are keeping a close eye on price action and volume to gauge the potential for further gains. The $50 mark remains a key level to watch, as a successful breakout could pave the way to new highs and solidify AVAX’s bullish momentum.
Featured image from Dall-E, chart from TradingView
