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Avalanche Price Prediction 2024: AVAX Down From March High, Still Volatile

Last Updated May 29, 2024 9:58 AM
Peter Henn
Last Updated May 29, 2024 9:58 AM

  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, losing 55% of its value by mid-April, bottoming out at $30. Following this substantial drop, the price entered a consolidation phase, fluctuating around $35 for 36 days.

On May 15, AVAX briefly dipped to $31, retesting its lower support level. However, it quickly rebounded, breaking past the $40 resistance and exiting the consolidation zone.

This breakout above $40 wasn’t a positive signal, as AVAX dropped under that threshold soon.

Avalanche did not respond to a request for comment.

On May 29, 2024, AVAX was worth about $37.34.

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 May 29, 2024.

Avalanche Coin Price Prediction 

Let’s take a look at some of the Avalanche price predictions that were being made as of May 29, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.

2024 2025 2030
Prediction #1 $56.38 $75.93 $163.26
Prediction #2 $53.11 $83.28 $507.26
Prediction #3 $81.96 $96.54 $277.19

First, CoinCodex  had a short-term Avalanche price prediction for 2024 that saw it trade at $48.09 on June 3 before jumping to $120.91 by June 28. The site’s technical analysis was bearish, with 11 indicators sending bullish signals and 16 making discouraging ones. 

Avalanche Price Prediction for 2024

CaptainAltCoin  said AVAX would trade at $56.38 in December. PricePrediction.net   was more optimistic, saying it would reach $53.11 by the end of the year. DigitalCoinPrice  was even more bullish, saying the coin would get to $81.96 in 2024. 

Avalanche Price Prediction for 2025

DigitalCoinPrice’s Avalanche price forecast for 2025 saw it worth $96.54. PricePrediction.net’s average price of that period was lower at $83.28. CaptainAltCoin was even more cautious, saying AVAX would trade at $75.93 in 2025.

Avalanche Price Prediction for 2030

Moving on to a more long-term Avalanche price prediction, PricePrediction.net was by far the most optimistic, saying the coin would be worth $507.26 in 2030. DigitalCoinPrice had a yearly average of $277.19 then. Meanwhile, CaptainAltCoin‘s AVAX price prediction said it could reach $163.26 at the start of the next decade.

Google Gemini Price Prediction for Avalanche (as of May 29)

Google’s Gemini platform gave the following price prediction for Avalanche on May 29. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected Price: $119.75
  • Factors to Consider:
    • Most predictions lean towards a rise in AVAX price over the next 3 months.
    • The range of predictions varies considerably, highlighting the inherent uncertainty in cryptocurrency markets.

Medium Term (Next six months)

  • Expected Price: $102.36
  • Factors to Consider:
    • Market sentiment: Is the overall crypto market bullish or bearish?
    • Regulations: How will governments around the world regulate cryptocurrency?
    • Adoption: How widely is Avalanche being used for decentralized applications (dApps)?
    • Technological advancements: Are there any new developments on the Avalanche platform?

Long Term (Next five years)

  • Expected Price: $172.33
  • Factors to Consider:
    • Market adoption: How widely used Avalanche becomes for decentralized applications (dApps) and smart contracts will significantly impact its value.
    • Regulations: Government regulations on cryptocurrency could affect investor sentiment and demand for AVAX.
    • Competition: The success of competing blockchain platforms like Ethereum and Solana will influence Avalanche’s market share.
    • Overall cryptocurrency market trends: The general health of the cryptocurrency market will also play a role in AVAX’s price.

Additional factors to consider:

  • Development activity and team execution: Consistent development, successful project launches, and a strong team can inspire confidence and attract investors.
  • Community engagement and ecosystem growth: A vibrant and engaged community with a growing ecosystem of DApps and DeFi projects can contribute to long-term success and AVAX’s value.
  • Macroeconomic conditions: Broader economic factors like inflation, interest rates, and global events can influence risk appetite and affect the cryptocurrency market as a whole.

It added: “Remember, these are just speculative scenarios based on available information. The cryptocurrency market is highly volatile, and unexpected events can significantly impact price movements. Always conduct your own research and understand the risks before making any investment decisions.”

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

Let’s now take a look at some of the highlights and lowlights of the Avalanche price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Avalanche price prediction. 

When AVAX first came onto the open market in September 2020, it traded at about $5. The bull market of early 2021 saw its price break past $50 in February before it fell down. It recovered later in the year, reaching an all-time high of $146.22 on 21 November before it closed the year at $109.27.

2022 was not a good year for Avalanche. It fluctuated in the first few months, occasionally trading above $100, before a series of market crashes saw it close the year at $10.90, a year-on-year loss of more than 90%.

Avalanche in 2023 and 2024

AVAX price history
AVAX rallied in late 2023 but has fallen in 2024. | Credit: CoinMarketCap

Until late in the year, 2023 was pretty mediocre for AVAX. The coin’s price broke through $20 in February and April, but things went downhill after that.

The news that the SEC was suing the Binance and Coinbase exchanges in early June hit it hard. On 10 June, following Crypto.com’s announcement that it was suspending its US institutional activities, it fell to $10.42. 

In the following weeks, the crypto recovered a little. On 14 July AVAX jumped to $15.87 after the market climbed when a judge ruled that Ripple’s XRP cryptocurrency was not a security if it was being sold on exchanges, AVAX jumped to $15.87. There were some ups and downs but, in December, AVAX performed well at a time when the market dropped. It reached a peak of $49.66 on December 24 before closing the year at $38.54. This meant the coin rose more than 250% in 2023. 

The new year saw a decline and, on January 23, 2024, Avalanche was worth about $29.15. It then jumped to over $40 in March, reflecting the good momentum for all the crypto world then, before retracing to $37.34 on May 29, 2024.

At that time, there were 392.9 million AVAX in circulation, out of a total supply of 442.3 million. This gave the coin a market cap of about $14.6 billion, which made it the 12th largest crypto by that metric.

Avalanche Historical Price Data

Period Avalanche Price
May 29, 2024 $37.34
May 22, 2024 $41.0957
April 29, 2024 $33.2223
February 29, 2024 $40.30
May 29, 2023 $14.4508
Launch price (September 23, 2020) $5.3217
All-time high (November 22, 2021) $128.78
All-time low (December 30, 2020) $2.9253

Avalanche Price Analysis

Avalanche Price Analysis
AVAX needs to get above $50 and stay there | Credit: Nikola Lazic/TradingView

After reaching a high of $65 on March 18, AVAX’s price began to decline, falling 55% to a low of $30 by April 13. Subsequently, the price entered a 46-day period of sideways trading, which could be a positive sign, particularly because it recently broke out above this range.

The March peak concluded an uptrend that started at $9 in October 2023. It formed part of a five-wave impulse within a likely larger bull cycle, which is now transitioning into its corrective phase.

While AVAX continues to trade sideways, a breakout above $40 would indicate upward momentum. However, without such a breakout, further declines are possible, although the overall trend remains bullish.

Two outcomes are possible with the break of the symmetrical triangle on its upper boundary. Either AVAX has started a new bull phase, potentially reaching new highs, or it remains in a corrective phase with the risk of a significant drop ahead.

Should the price keep above $50, forming a higher low after the downturn, this would mean a new uptrend had started. 

Conversely, if the price goes back down to $30, it would suggest that buyers lack the strength to elevate the price further. In such a scenario, a fall similar to the previous decline to April 13 could happen, with Avalanche dropping as low as $23.

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. 

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 are the founders of Avalanche?

Computing experts Emin Gün Sirer, Kevin Sekniqi, and Maofan “Ted” Yin founded Avalanche in 2020. Gün Sirer  was an associate professor of computer science at Cornell University, while Sekniqi  and Yin  were PhD students of his. 

Who owns the most Avalanche?

On May 29, 2024, one wallet held 0.60% of AVAX’s supply.

Richest AVAX Wallet Addresses

On May 29, 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
Max supply 715,748,719
Circulating Supply (On May 29, 2024) 392,916,896 (55% of the maximum supply)
Holder distribution Top 10 wallets hold 2% of the maximum supply as of May 29, 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 (AVAX) Google search volume
Avalanche (AVAX) 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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