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- Solana recently surged 19% in three days, and one analyst says that Avalanche is following a similar pattern and could surge over the next few days.
- According to analysts, the altcoin season is upon us, with some, like POPCAT, surging 225%, while Solana leads the major altcoins with a 40% gain in the past month.
Avalanche has gained 24% in the past month, but according to one analyst, AVAX still has heights to scale and could mirror Solana’s recent surge.
AVAX trades at $30.22, dipping slightly in the past day in line with the market’s overall downturn. With an $11.9 billion market cap, it’s the 11th-largest cryptocurrency in the market, just above TRON.
According to Immortal, a popular crypto analyst, Solana could inspire an even bigger surge for Avalanche. As can be seen on the charts below, AVAX’s price pattern (on the right) mirrors Solana’s, but it has yet to hit the last stage of acceleration.
The analyst recently told his 214,000 followers that he projects the altcoin will hit $42 soon.
He’s not the only analyst bullish on Avalanche. According to another chartist, the token has crossed its 20-day and 50-day EMAs, and “the next cross that’s coming soon will send Avalanche above 65; that’s the parabolic breakout.”
Add these 2 MA's to daily 20 and 50 for $avax@avax 3rd MA cross soon
then see how it bounces everytime it touches the purple
thats what we are frontrunning for avax
the next cross thats coming soon will send Avalanche above 65 thats the parabolic breakout
then its 3 digits pic.twitter.com/Tz0lW5u7lP
— 100x (@mandalaangel) July 24, 2024
For Avalanche, the $30 level is critical. In the past six weeks, it has proven a tough resistance—at the start of the month, an attempt to breach this level was rejected, and the token was pushed back all the way to $22. It then mounted a recovery, and this time, it managed to push past $30 on Monday. A dip followed a day later below this level, but today, it has managed to reclaim this level and is trading just above it at press time.
If AVAX can hold above $30 and turn it into its new support level, it could be on track to reclaim this year’s record high above $58.
Altcoin Season?
AVAX may not be the only altcoin that could go parabolic this year, with analysts noting that the altcoin season may be upon us. An altcoin explosion usually ensues after the Bitcoin halving as investors move their assets from BTC to the altcoins. However, this year, this didn’t happen, perhaps because institutional investors have piled onto BTC, including through spot ETFs.
However, the altcoin season may be here at last.
BTC dominance breaking.. Altcoin season is coming.. 😉 https://t.co/iNApsjl5WM pic.twitter.com/4Pq8K09DsK
— Chad Steingraber (@ChadSteingraber) July 13, 2024
In the past month, several altcoins have exploded, led by POPCAT, a Solana-based meme coin that’s up 225% in that time, as we reported. WIF and BONK are up 62% and 48%, respectively, with Solana following closely behind at 40%.