According to popular crypto analyst Immortal, Solana could potentially inspire a surge for Avalanche, with AVAX’s price pattern closely mirroring Solana’s. Immortal predicts that the altcoin will soon hit $42, a projection that has garnered attention from his 214,000 followers. Another analyst also expressed bullish sentiment towards Avalanche, noting that the token has crossed its 20-day and 50-day EMAs and anticipates a parabolic breakout above $65.
For Avalanche, the $30 level is a critical point of resistance that it has been struggling to breach. After an unsuccessful attempt to break above $30 earlier in the month, AVAX was pushed back to $22 before mounting a recovery and successfully surpassing $30 on Monday. While a dip below this level occurred the following day, the token has since reclaimed $30 and is currently trading just above it. If AVAX can maintain support above $30, it may have the potential to reclaim this year’s record high above $58.
Analysts are pointing towards a potential altcoin season on the horizon, suggesting that investors may be shifting their focus from Bitcoin to altcoins. While the traditional pattern of an altcoin surge post-Bitcoin halving did not materialize this year, the recent explosive performance of altcoins like POPCAT, WIF, and BONK indicates a possible shift in market sentiment. Solana-based meme coin POPCAT has surged 225% in the past month, with other altcoins like WIF and BONK seeing significant gains as well. Solana itself has also experienced a 40% increase in value, hinting at a potential altcoin season.
With the possibility of an altcoin season drawing near, assets like AVAX could be poised for significant growth. Analysts are closely monitoring key levels like the $30 resistance for Avalanche, which, if turned into support, could pave the way for a potential breakout above $65. As institutional investors continue to show interest in Bitcoin, the recent surge in altcoins may signal a broader shift in the market towards alternative cryptocurrencies. As the crypto market continues to evolve, investors are keeping a close eye on assets like AVAX for potential opportunities for growth and profit.
