Avalanche (AVAX) had a relatively quiet second half of 2023 regarding price performance and ecosystem progress. However, the token experienced a fascinating turnaround towards the end of October, which saw its value rise almost vertically over the past few weeks.
Avalanche’s positive journey coincides with an optimistic mood in the general crypto market, as investors appear more interested in various digital assets. As Bitcoin, the First Cryptocurrency, Continues to Hold Its Ground above the $37,000 markMost altcoins appear poised to benefit from changing market sentiment.
Avalanche Shows Strength With 31% Rally – Price Overview
The Avalanche price reached a yearly low of $8.78 in late September, marking the low point of a trend reversal. Since then, the price of the cryptocurrency has been on an uptrend, while seeking to regain the highs reached in early 2023.
At the time of writing, the AVAX token is valued at $18.58, reflecting a massive 31% price increase over the past 24 hours. Meanwhile, the altcoin’s price increased by over 48% during the weekly time frame.
A broader look at Avalanche’s price chart highlights the token’s strength and attractiveness over the past few weeks. According to CoinGecko dataAVAX’s value has more than doubled over the past month.
Avalanche’s positive price action – in such a short time frame – further highlights the favorable sentiment currently brewing in the general crypto market. Investors also saw other altcoins, like Solana, EthereumAnd Chain linkhave been on an upward trajectory over the past few weeks.
Based on data from CoinMarketCap, AVAX saw an increase of over 85% in its daily trading volume. Meanwhile, the token’s current market cap of around $6.68 billion reflects a 31% jump over the past day.
Can AVAX maintain bullish momentum to $22?
Many investors would be keen to see to what extent Avalanche Token Can Keep Up With Its Hot Momentum. And this makes sense, given that the cryptocurrency was one of the best performers during the last bull market, hitting a high of $145.
In the short term, price action data suggests that AVAX may be able to break above the psychological $20 level without much resistance. Nonetheless, investors should be wary of the $22 threshold, as it has proven to be an important resistance zone in the past.
If Avalanche manages to break through and close above the $22 mark, the token’s price could see a parabolic run up to $60. On the other hand, if the resistance level remains strong, AVAX price could fall to find support around $15.
Avalanche price continues upward trajectory on the daily timeframe | Source: AVAXUSDT chart on the TradingView
Featured image from IQ.wiki, chart from TradingView