Avalanche (AVAX) has caught the attention of investors with its impressive 100% rally in recent times. This increase suggests that major targets are approaching. Blockchain data points to strong network activity, with analysts assessing the potential for AVAX to reach $60.
“Staying above $38.57 could pave the way for major price increases,” analyst Rekt Capital said, highlighting the importance of this level.
AVAX Rises and Targets $60
Avalanche (AVAX) is up 100% following the breakout, and analysts are predicting that the price could head towards the $60 level. The critical support level is noted at $38.57, and strong blockchain growth suggests that the current momentum continues.
AVAX Doubles Down
Avalanche’s price rose from $21.56 to $47.81, breaking above the general market downtrend. This significant breakout created a strong bullish momentum that allowed AVAX to double in value in just a few weeks. The monthly close in November was above $38.57, reinforcing buyers’ control of this price point. Confirmation of this level is critical for analysts to continue the upward movement in the coming months.
$38.57 Support and $47.81 Resistance Levels
Market participants are closely monitoring the $38.57 support, which is critical for further price gains. Resistance levels at $43.18 and $47.81, in particular, overlap with previous rejection zones. If AVAX can stay above $42.81 and break above the $47.81 resistance, analysts are expecting a potential bull rally towards a key psychological target of $60.
Over the last week, user activity on the Avalanche network has seen a significant increase. New user addresses increased by 51.83%, while active addresses increased by 24.69%. Additionally, zero-balance addresses increased by 21.57%, indicating increased adoption and engagement in the ecosystem.
Despite the bullish momentum continuing, technical indicators such as the Bollinger Bands show that AVAX is currently trading close to its upper band, indicating overbought conditions and increased volatility. If the bullish momentum weakens, there is a possibility of a pullback towards the 20-day Simple Moving Average at $32.70.