AVAX Eyes $50 Amid Avalanche’s Market Outperformance

Highlights

• AVAX price performance suggests the next target is $50.
• A spike in trading volume and an uptick in the Money Flow Index (MFI) support a bullish outlook.
• A breakdown below $42.80 could invalidate the bullish thesis and shift momentum to bears.

AVAX Price Eyes $50 After Avalanche9000 Testnet Upgrade

The recent Avalanche9000 testnet upgrade has significantly bolstered AVAX’s price. This upgrade enhances scalability, security, transaction speeds, and lowers costs. Developers benefit from updated SDKs and improved APIs, making it easier to create and deploy decentralized applications (dApps).

These improvements are expected to attract more developers and increase Avalanche’s competitiveness in dApp deployment, decentralized finance (DeFi), and non-fungible token (NFT) sectors. The Avalanche Foundation aims to bring the testnet improvements to the mainnet by year-end, further driving AVAX’s utility and value.

Social Media Growth Supports AVAX Price

According to IntoTheBlock, AVAX has experienced a 0.7% increase in Telegram members over the last week, reaching 37,725 members. This growth comes despite the broader crypto market facing declining social media sentiment, highlighting AVAX’s resilience. Positive engagement metrics provide a bullish signal for the cryptocurrency.

AVAX Price Analysis: Pathway to $50

AVAX price is steadily climbing, supported by bullish indicators such as the Money Flow Index (MFI), which currently reads 59, signaling increased demand. The next resistance level is expected at $44.05. Breaking through this could propel AVAX toward the $50 target.

Key Levels to Watch

• Resistance: $44.05 and $50 (psychological level).
• Support: $42.80 (breakdown level) and $41.45 (previous accumulation zone).

However, declining trading volume raises concerns about the sustainability of this upward momentum. A drop below $42.80 could invalidate the bullish outlook, shifting control to the bears. In this scenario, AVAX may find initial support at $41.45, with the next target at $40.00, a critical psychological level.

Conclusion

AVAX’s strong price performance, driven by the Avalanche9000 testnet upgrade and growing social media engagement, positions it as a standout in the crypto market. While the $50 target is achievable, traders should monitor key levels and volume trends to assess the sustainability of this bullish momentum.