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Avalanche Price Prediction 2024: AVAX Price Analysis

Last Updated June 24, 2024 10:19 AM
Nikola Lazic
Last Updated June 24, 2024 10:19 AM
By Nikola Lazic
Verified by Peter Henn

  Key Takeaways

  • The Avalanche blockchain, engineered for speed and resistance to network slowdown, has seen fewer people using its C-Chain. 
  • AVAX recently lost some of its strength seen in March.
  • Can AVAX stop going down?
  • One Avalanche price prediction suggests that the coin has the potential to reach $96.54 next year.

After peaking at $65 on March 18, AVAX experienced a significant decline, with the crypto’s price collapsing by more than half over the following three months or so. Investors will be hoping that the crypto can recover from its recent downturn.

Avalanche did not respond to a request for comment.

On June 24, 2024, AVAX was worth about $24.50.

But what is Avalanche (AVAX)? How does Avalanche work? Let’s see what we can find out and also take a look at some of the Avalanche Price Predictions that were being made as of June 24, 2024.

Avalanche Coin Price Prediction

Minimum AVAX Price Prediction Average AVAX Price Prediction Maximum AVAX Price Prediction
2024 $78 $113 $135
2025 $150 $170 $200
2030 $100 $140 $160

 

Avalanche Price Analysis
Avalanche could rise before falling | Credit: Nikola Lazic/TradingView

Avalanche Price Prediction 2024

If AVAX is ending its second sub-wave from a larger five-wave bull cycle, then, later in 2024, it should develop its third wave. resulting in a new yearly high. Third waves are usually the strongest in momentum and are longer than the first ones, so they typically come as a 1.618 Fibonacci extension. 

Avalanche Price Prediction 2025 

If AVAX makes this new yearly high in 2024 and confirms a larger five-wave cycle, it should continue into 2025 for its fifth wave to develop. Its target would depend on where the third wave ends and whether it would be extended. AVAX could either revisit its all-time high or slightly surpass it. 

Avalanche Price Prediction 2030

If 2025 marks the completion of the bull market, the next few years will be bearish for AVAX. However by 2030 it could have already started its new bull phase and regain some of its values in 2024 and 2025. 

Avalanche Price Analysis

After reaching a high of $65 on March 18, the price of AVAX experienced a sharp decline, hitting a low of $30 on April 13. This marked the beginning of 55 days of horizontal trading. The consolidation phase concluded with a fall below the $30 mark.

AVAX Price Analysis
AVAX has dropped in recent months | Credit: Nikola Lazic/TradingView

This $65 high ended a significant uptrend that started at $9 in October of the previous year. It indicated part of a five-wave impulse that points to a larger bull cycle, although it shifted into a correction phase after that.

A closer look at the wave structure reveals it is likely continuing its C wave from the corrective ABC pattern, with further lows of $21 ahead in the short term. The downside room remains limited, as suggested by the daily chart Relative Strength Index (RSI), which is already entering the oversold zone at 26%. 

There are no signs of a reversal, with MACD still being bearish and the price chart displaying red candles. However, once the decline ends, if AVAX is in a larger bull cycle, we could expect to see a significant upturn, surpassing its yearly high. 

Price/Performance Comparisons

Current Price One Year Ago< Price Change
AVAX $24.50 $13 +88.46%
SOL $126 $16.50 663.64%
MATIC $0.55 $0.65 -15.38%
ETH $3,312 $1,876 76.5%.

How Do We Make an Avalanche Price Prediction?

Our price prediction for Avalanche combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the AVAX-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.  

Advantages and Disadvantages of Avalanche

Blockchain analytics company Messari  recently released its quarterly report on Avalanche. It outlined some key advantages and disadvantages of the blockchain.

It found that Avalanche had

  • An impressive quarterly growth in the first quarter of 2024, including market cap increasing by 38%.
  • Average daily active addresses jumped by 39% compared to last quarter of 2023.
  • DeFi TVL rose by 45%, average daily DEX volume increased by 65%, and stablecoin market cap jumped by 43%.

Advantages of Avalanche

Messari said that Avalanche

  • Had worked towards developing its non-fungible token (NFT) sector.
  • Released a number of well-received upgrades.
  • Did a good job of bringing Web 2.0 organizations onto the blockchain.

Disadvantages of Avalanche

Messari also said that Avalanche

  • Underperformed its peers in the quarter.
  • Did not have a particularly active developer base.
  • Had seen activity on some of its subnets slow down.

AVAX Price History

Avalanche Price History
Avalanche’s price history over the last 12 months | Credit: CoinMarketCap

 

 

Period Avalanche Price
One week ago (June 17 2024) $30.31
One month ago (May 24 2024) $38.95
Three months ago (March 24 2024) $55.80
One year ago (June 24 2024) $13.39
Launch price (September 22, 2020) $4.98
All-time high (November 22, 2021) $146.22
All-time low (December 31, 2020) $2.79

Is Avalanche a Good Investment?

It is hard to say. On one hand, Avalanche is one of the larger blockchain platforms out there, and the fact that it managed to perform well at a poor time for crypto is encouraging. 

Avalanche Vista’s launch could also see an increase in interest in the platform.

On the other hand, AVAX’s has previously underperformed against the market, so it remains to be seen whether it will revert to type. It has certainly had a weak 2024 so far. While there is a belief that people should buy in the dip, we don’t know for sure how long the dip will last nor what it could recover to exactly. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in AVAX.

Will Avalanche go up or down?

No one can really tell right now. While the Avalanche crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Avalanche?

Before you decide whether or not to invest in Avalanche, you will have to do your own research, not only on AVAX, but on other, related, coins and tokens such as Cardano (ADA) or Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who owns the most Avalanche?

On June 24, 2024, one wallet held 0.60% of AVAX’s supply.

Richest AVAX Wallet Addresses

On June 24, 2024, the five addresses with the most AVAX were

  • 0xefdc8FC1145ea88e3f5698eE7b7b432F083B4246, which held 4,304,710 AVAX or 0.60% of the supply
  • 0x73AF3bcf944a6559933396c1577B257e2054D935, which held 2,240,553 AVAX or 0.31% of the supply.
  • 0x2eFB50e952580f4ff32D8d2122853432bbF2E204, which held 1,256,830 AVAX, or 0.17% of the supply.
  • 0x94Db98738D90BC0Ac588D4c2247721B1ef2127Be. This wallet held 1,000,008 AVAX, or 0.14% of the supply
  • 0x40B38765696e3d5d8d9d834D8AaD4bB6e418E489, which has 1,000,003 AVAX or 0.14% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 715,748,719
Circulating Supply (On June 24, 2024) 393,748,256 (55.01% of the maximum supply)
Holder distribution Top 10 wallets hold 2% of the maximum supply as of June 24, 2024

From the Whitepaper

In its technical documentation, or whitepaper, Avalanche  describes itself as a “high-performance, scalable, customizable and secure” blockchain. It sets out three uses.

  • Building application-specific blockchains, spanning permissioned (private) and permissionless (public) deployments.
  • Building and launching highly scalable and decentralized applications (Dapps).
  • Building arbitrarily complex digital assets with custom rules, covenants, and riders (smart assets).

Avalanche (AVAX) Explained

Avalanche is a blockchain that is designed to be scalable. In other words, it is meant not to slow down when the network gets busier, thus saving people who use it time and, perhaps more importantly, money. 

Much like Ethereum (ETH), Avalanche makes use of smart contracts, computer programs that automatically execute once certain conditions are met. 

Its native coin, which goes by the ticker handle AVAX, supports the system.

How Avalanche Works

Avalanche makes use of a Proof-of-Stake (PoS) consensus mechanism. This means that people are selected to verify transactions and blocks added to the blockchain-based on how much AVAX they have. 

The system consists of three separate, but intertwined blockchains.

The Contract Chain, or C-Chain, helps the system’s users work with Ethereum-based decentralized applications (dApps).

The Exchange Chain, or X-Chain, is used to swap and trade AVAX and the crypto tokens that are based on Avalanche.

Finally, the Platform Chain, or P-Chain, lets users set up their own side chains which link to the Avalanche platform and, perhaps more importantly, create their own crypto tokens. 

Making use of three chains means, at least in theory, that the platform is faster. This eliminates the need for layer 2 scaling solutions, platforms which take a transaction off a blockchain, carry it out, and put it back in attempt to save users time and money.  

AVAX helps people secure the system. People can also stake it, or set is aside, in return for rewards. People can stake their AVAX to another user, delegating certain responsibilities to them, again in return for rewards, paid in AVAX.

AVAX holders can also vote on changes to the network, and the coin can also be bought, sold, and traded on exchanges. It is also used to pay for transactions on Avalanche. The coin is burned, or destroyed, when that happens. 

Avalanche Attention Tracker

Avalanche Google Search Volume | Credit: Google
Avalanche Google search volume | Credit: Google

Here is a chart for Avalanche (AVAX) Google search volume for the past 90 days. This represents how many times the term “Avalanche (AVAX)” has been Googled over the previous 90 days. 

FAQs 

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Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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