The Avalanche Price rose, and it crossed an important level of resistance as cryptocurrency prices jumped after Donald Trump’s victory in the election and Federal Reserve cutbacks. AVAX reached a new high at $35.55. This is its highest swing since June 7th. The AVAX token has increased by 105% since its low in August.
The price of Avalanche could increase by 85%
AVAX has soared to its highest point in June 2021, and also crossed a crucial level of resistance at $33,10 – the Fibonacci 50% Retracement. The 50-day Exponential Moving averages (EMA) and the 200-day EMA have formed a gold cross. This is a common sign for a continuation of bullish price movement.
The Avalanche’s price also has an inverse Head and Shoulders pattern. This is often indicative of a bullish turn around. The Relative Strength Index and Stochastic Oscillator are both pointing upwards at the same time. This means that the coin has gained traction.
There is therefore a high probability that Avalanche will rise as bulls aim for the $66 year-todate peak. In order to achieve this, the AVAX coin will have to increase by at least 85%. If the price drops below $30, it will indicate further downside. The next level to be watched is $17.20.
Rotation of SOL from AVAX
Avalanche’s price could be affected by the shift from Solana, as it becomes more expensive for most.
Solana is one of the most successful major cryptos this year, as it has crossed an important resistance level at $217. The trend is likely to attract institutional investors, as many predict the Trump Administration will approve AVAX’s ETF.
Solana has become increasingly unaffordable for most investors, so they are looking to find other cryptocurrencies that offer similar returns. Sui is one of the most visible, and it is currently trading for $3. It is also among the fastest growing layer-1 networks on the market.
Three main factors will make Avalanche the next cryptocurrency. Avalanche has existed for many years and is a trustworthy cryptocurrency. Recently, AVAX launched a credit card.
Avalanche is also known for its active community of developers. It is, for example, the ninth largest chain by total value locked in DeFi (TVL), with assets of over $1.26billion. The company also offers over 410 DeFi apps, such as popular brands like BENQI or Trader Joe. With $1.7 billion in assets, it is one of the largest players in stablecoins.
Third. Avalanche, one of the top blockchains used for Decentralized Exchanges (DEX), is a popular choice. The data shows its DEX volume has risen by 118% over the past seven days, to more than $1.54 billion. Avalanche’s biggest DEX networks include Uniswap (LFJ), Pharaoh Exchange (Pharaoh Exchange), Dexalot and WOOFI.
Gary Gensler, the current head of Securities and Exchange Commission is set to leave his post. This will increase the odds for an Avalanche ETF. Trump promised to make the financial sector more friendly, and ETF approvals may be one of his ways of demonstrating that.
Avalanche’s price is likely to increase as more developers use its network for the creation of meme coins. Meme coin creations like Dogwifhat Popcat and Bonk have been the main reason for the Solana ecosystem’s high level of activity in the last two years.
Avalanche still needs to unlock its tokens. This is a major risk. The next token unlock will take place on 18 November, when 1,67 million tokens are released. The next five token unlocks will occur in 2025.
As updates occur, this post Avalanche could see a price surge of 85% during the rotation from SOL AVAX.
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