AVAX Price Ready To Takeoff Amid Rising Retail Interest: What’s Next?

• Retail interest for Avalanche has spiked, boosting market optimism.
• AVAX currently has 68k active wallets in the last 24 hours, compared to $SOL, which boasts over 4.37M active wallets in the same timeframe.

AVAX price might have just recovered its bullish run after the price stagnated in the previous week. Over the last 24 hours, AVAX coin has shown an incline of 0.78%, and was being traded at $41.87 at press time. In the past seven days, Avalanche crypto price soared by more than 12% and regained bullish momentum.

This latest surge has pushed AVAX’s market cap to $17.19 Billion. It now ranks 12th in the overall crypto market by market cap.

Meanwhile, AVAX’s address distribution revealed significant growth in retail and whale investor interest. This suggests that the ongoing bullish phase could get better.

In the last one year, the number of addresses holding less than 100 AVAX noted a surge of over 47.7%, reaching 9.6 million.

Retail investor participation is often linked to adoption and could lead to upward pressure due to increased demand.

At the same time, the whale segment, which comprises holding over 100,000 AVAX, rose from 101 to 133.

As large-scale investors continued to accumulate and retail interest noted a rise, it could fuel AVAX’s price surge.

AVAX’s On-Chain Metrics and Wallet Activity

Avalanche boasts a Total Value Locked (TVL) of $1.45 Billion, noting a 1.32% increase in a week.

Over the past 24 hours, the active addresses rose by 1.01% to 121,123, reflecting a healthy user base.

However, when compared to Solana‘s 4.37 million active wallets, one might initially think Avalanche lags significantly in user activity.

Avalanche’s lower wallet count might actually represent a more concentrated and potentially more engaged user base.

This nuanced understanding of wallet activity reflects AVAX’s growing appeal, particularly as the platform attracts new liquidity through on-chain gaming and other innovations aimed at finding untapped market potential.

Analyst Predicts $67 Target: Here’s the Take

In a recent tweet on X, CW projected a bullish outlook on Avalanche. According to the analyst, Avalanche crypto has broken out of the falling wedge pattern and reached the sell wall.

If the upward movement continues ahead, it could reach the $67 mark in the coming days.

Avalanche Price Prediction: is a Rally Toward $50 on the Cards?

On the weekly chart, AVAX formed an inverted head and shoulders pattern which is often considered as a bullish reversal pattern.

It has a strong support placed at $31, from where the latest up move was noted. If it continues to accelerate ahead, it may revisit the $50 mark.

Moreover, the daily timeframe analysis also represents an optimistic outlook as a bullish crossover was evidenced and AVAX price moved beyond the $40 resistance barrier.

Per the Elliott Wave theory, AVAX price has completed the 2nd declining wave and rebounded from the $30 support level. The 3rd rising wave was active and an up move toward $50 was likely.

With an immediate support zone at $35 and $30, investors should keep an eye on it for the upside rally toward $67 and $70 in the upcoming sessions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.