Avalanche Price Continues To Inch Higher – What Are The Most Popular Analyst Predictions For AVAX?

Key Insights

• Avalanche has been rallying recently, becoming the 9th largest cryptocurrency by market cap.
• Analysts predict further bullish momentum, with potential for a 25% rally to $53 ( according to JJCycles) or a 30% rally to $50 (according to The Solstice).
• However, risks are present, with potential retracements down to $30 ( according to The Solstice).
• Avalanche's Total Value Locked (TVL) closely resembles Solana's, and one may catch up to the other.
• This "catch-up" may result in an 85% rally for Avalanche.

Avalanche has emerged as one of the best-performing cryptocurrencies on the market on all timeframes.

Just last week, Avalanche edged out Tron to become the 10^th largest cryptocurrency by market cap.

This week, the cryptocurrency has added Dogecoin to its list and is now the 9^th largest cryptocurrency, and currently trades at $38.54.

But how high up can AVAX really go? According to analysts, of course

AVAX To Hit $53, According to JJCycles

Avalanche has been consistently bullish for about two months now, since late October.

Over the last 24 hours, AVAX rallied straight up by nearly 10%, before hitting the $41 resistance and normalizing to where it currently sits at about $38.

In the charts, we can see this remarkable rally, as well as AVAX's consolidation around $38.

However, according to this tweet from analyst, JJCycles, AVAX is expected to hit about $53 very soon, before a pullback.

Illustrating this setup below, we can see that AVAX still has about a 25% rally from where it now sits, if the analyst is right.

The only reason a rally to $53 from here might be improbable is that AVAX is now severely overbought on both its daily and weekly timeframes.

Avalanche Will Hit $50 At Most, and $30 At Least

According to a recent tweet from analyst, The Solstice, AVAX is expected to continue going upwards from here.

However, unlike JJCycles, The Solstice predicts that AVAX will go as high as $50, and no lower than $30.

This setup is illustrated in the chart below:

This setup is slightly inefficient in terms of risk-to-reward ratio because from where AVAX currently sits if The Solstice's prediction plays out, traders get to win only 30% in ROI in a bullish scenario.

In terms of a bearish scenario, traders stand to lose about 22%.

Can Avalanche Catch Up To Solana At 70%?

This prediction is slightly less conservative than the previous two.

According to insights from this tweet by analyst, Rune, Avax is "basically as big" as Solana when it comes to TVL.

This is despite how Solana is nearly twice the price of AVAX at the time of writing.

Heading over to DefiLlama to confirm this, we can see that Solana's TVL is currently about $931 million.

Avalanche, on the other hand, is about $893 million in TVL.

Several other metrics determine the price of an asset. However, the analyst appears to be comparing both chains and suggesting that Avalanche may catch up to Solana soon, in one way or another.

Solana currently trades at about $71 and if Avalanche is poised to catch up soon, this would mean a whopping 85% rally from where it currently sits.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.