AVAX surges 91%, driven by positive market sentiment and political discussions.
Talks with the U.S. administration spark optimism for further price growth.
The altcoin market is experiencing a notable resurgence, with Avalanche (AVAX) leading the charge, surging by 7% in the past 24 hours and reaching a 9-month high of $49. This marks a staggering 91% increase in just one month. The recent rise in AVAX’s price has been linked to positive market sentiment, sparked by the ongoing discussions between Ava Labs and the incoming U.S. administration.
Ava Labs CEO, Emin Gün Sirer, revealed on December 2 that the company is in talks with officials from the upcoming Trump administration. The announcement has set the crypto community abuzz, as analysts predict that AVAX could see further gains, with a $50 target now being speculated. Sirer emphasized the company’s discretion in handling political ties. He stated, “You will not see us parade our political connections in social media. You’ll just suddenly see results, in total Avalanche fashion.”
Meanwhile, the potential for bullish movement is further fueled by recent developments in the crypto space. Similar discussions around Ripple (XRP), which is also in talks with the Trump administration, have contributed to a broader sense of optimism. XRP’s recent price rally has set the stage for similar gains for AVAX. It is with both tokens benefiting from the anticipated pro-crypto policies under Trump’s leadership.
AVAX Price Chart, Source: TradingView AVAX To Hit $100?
In the short term, AVAX’s price has experienced impressive upward momentum, reaching $47.74, up 7.8% in the past day. With key support levels at $44.27 and $42.25, the coin’s trajectory looks promising. However, the stochastic oscillator suggests that AVAX may face short-term corrections before continuing its upward climb.
Moreover, the recent Avalanche9000 testnet upgrade, along with increased network activity, has strengthened AVAX’s position. With continued market optimism, AVAX’s price could target new milestones, with some analysts eyeing a potential $100 shortly.
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