- Avalanche rapidly surged, gaining 31% in 24 hours and over 48% weekly.
- Investors are watching if AVAX can break the $22 resistance.
- If the resistance zone is breached, AVAX has the potential for a parabolic run to $60.
Avalanche (AVAX) has experienced a remarkable surge, catapulting its value by an impressive 31% in the last 24 hours and an astonishing 48% over the course of the week.
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The current positive momentum aligns with a broader optimistic trend in the cryptocurrency market, where investors are showing increased interest in various digital assets. Despite Bitcoin maintaining its position above $37,000, the majority of altcoins, including Avalanche, appear poised to capitalize on this evolving market sentiment.
At the time of writing, the AVAX token stands at $18.58, showcasing its strength with the notable price surge. The cryptocurrency had hit a yearly low of $8.78 in late September, marking a turning point for a bullish reversal. AVAX now aims to reclaim its earlier 2023 highs.
The surge in Avalanche’s price is not merely a short-term anomaly. A closer examination of the price chart reveals that the value of AVAX has more than doubled in the past month.
This surge also corresponds with an 85% increase in daily trading volume and a 31% jump in the token’s market cap, which currently sits at approximately $6.68 billion. Investor attention is now keenly focused on whether Avalanche can break through the $22 resistance level.
Source: TradingView
If successful, the cryptocurrency could embark on a parabolic run, potentially reaching $60. Notably, AVAX has a historical precedent of being one of the best performers in previous bull markets, rallying to a peak of $145.
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