Avalanche (AVAX) has soared over 40%, reaching a critical supply threshold that, if surpassed, could spark a significant upward trend. This recent surge has drawn considerable attention from traders and investors, who see the potential of Layer-1 blockchains. AVAX is positioning itself as a major player in this sector.
Among the observers is noted analyst and investor Kaleo, who recently shared a technical analysis showing a bullish price target of $420 for AVAX. Kaleo’s positive outlook echoes the broader market sentiment, with Bitcoin and Ethereum also on the rise, creating a supportive environment for prominent altcoins like Avalanche to make notable gains.
The coming days will be pivotal to determine whether AVAX can break through this supply level and confirm its bullish direction. As more focus turns to AVAX and other high-profile altcoins, a swift upward move could follow, reinforcing Avalanche’s stature in the Layer-1 blockchain arena.
Avalanche recently moved above key supply levels, surpassing resistance points that had limited its price for weeks, with the $30 mark proving particularly critical. This breakout has fueled optimism for AVAX’s long-term prospects, suggesting a shift toward a bullish momentum.
Top analyst and investor Kaleo has shared his technical insights, highlighting an AVAX price chart with crucial levels marked. Kaleo believes that Avalanche’s potential in the current cycle could push its price to an ambitious $420, indicating a remarkable 1,200% increase from current levels.
For this optimistic scenario to play out, AVAX must continue its current momentum and overcome additional resistance. Specifically, it must surpass the previous high around $33 to firmly establish a sustained bullish pattern. Achieving this could boost market confidence and attract new investors, signaling a potential long-term rally.
As AVAX climbs, interest in Layer-1 blockchain platforms like Avalanche grows, reflecting the broader market’s confidence in decentralized networks. Successfully consolidating above $30 and breaking $33 could pave the way for substantial gains in this cycle.
Currently trading at $31.4, Avalanche has broken above its 200-day moving average (MA) at $28.1, a significant milestone in its price evolution. This move has positioned AVAX in a critical supply zone that has restricted its growth since early June.
For bulls seeking to confirm a long-term bullish trend, AVAX must exceed the $33 mark and establish it as a dependable support level. Holding this level could indicate a stronger uptrend and draw additional investor confidence.
However, a brief consolidation phase could be beneficial now. A pullback to test the $29 level as support would enhance market stability, allowing AVAX to gather strength before its next major upward move. Overall, AVAX’s price action appears robust, and a breakthrough above $33 could set the stage for a prolonged bullish phase in the altcoin market.
 soars 40%, nearing a critical supply threshold. Analysts predict a major upward trend as it positions itself as a top Layer-1 blockchain.){kind=link}