The post Avalanche Set to Mirror Solana: Analyst Predicts $42 Target appeared on BitcoinEthereumNews.com.

Solana recently surged 19% in three days, and one analyst says that Avalanche is following a similar pattern and could surge over the next few days. According to analysts, the altcoin season is upon us, with some, like POPCAT, surging 225%, while Solana leads the major altcoins with a 40% gain in the past month. Avalanche has gained 24% in the past month, but according to one analyst, AVAX still has heights to scale and could mirror Solana’s recent surge. AVAX trades at $30.22, dipping slightly in the past day in line with the market’s overall downturn. With an $11.9 billion market cap, it’s the 11th-largest cryptocurrency in the market, just above TRON. AVAX had a great month in July; after dipping to $22.32 on July 5, it had a resurgence that saw it hit $32.7 three weeks later, a 48% surge. With a 24% surge in the past month overall, it was in the top 15 coins for month gains in that time. On Monday, the token surged by 10% after announcing the launch of Ash Wallet, a new shared platform for managing smart accounts on its ecosystem, as we reported. According to Immortal, a popular crypto analyst, Solana could inspire an even bigger surge for Avalanche. As can be seen on the charts below, AVAX’s price pattern (on the right) mirrors Solana’s, but it has yet to hit the last stage of acceleration. The analyst recently told his 214,000 followers that he projects the altcoin will hit $42 soon. He’s not the only analyst bullish on Avalanche. According to another chartist, the token has crossed its 20-day and 50-day EMAs, and “the next cross that’s coming soon will send Avalanche above 65; that’s the parabolic breakout.” Add these 2 MA’s to daily 20 and 50 for $avax@avax 3rd…

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Filed under: News - @ July 25, 2024 9:20 am