Should You Invest in AVAX in 2024? Can It Reach $65?

AVAX’s Recent Performance and Market Position

AVAX displayed a bullish presence over the past two weeks, when BTC sustained by July 5th onwards on the daily chart, and the crypto-landscape resonated green. As of writing, it presents the possibility it could continue to rally after the breakout from the falling wedge from the demand zone of $22.0. Meanwhile, this increase has positioned AVAX in the top 20 global crypto-list, 11th in market cap. Its market cap reached $12.743 Billion, which was earlier reduced to $8.80 billion on July 5th, 2024.

Market Dominance and Social Metrics

As per the Messari website, AVAX’s market dominance stands at 0.5%. Its socials have enormous followings:

• Reddit: 50.16K subscribers
• X: 1.03 Million followers
• Telegram: 33.98K followers

Likewise, the 24-hour volume has surged exponentially by 211.55%, where the total volume on all tradeable platforms amounted to $829.407 Million. Additionally, the liquidity in AVAX appears moderate to good. The 24-hour volume-to-market cap ratio stands at 6.32%, which appears to be one of the healthy traits. Despite that, investors and traders must proceed with caution (DYOR).

Circulation and Holder Distribution

The circulation of AVAX coins was 394.759 Million AVAX, which makes 55.15% of the max supply of 715.748 Million AVAX. According to the rich list on the Coincarp website, the top 100 holders’ addresses hold most of the supply in circulation. The total AVAX holders are 150.6K; the top 100 holders’ addresses hold 53.47% of the circulation.

Price History

According to Tradingview, AVAX was 277% higher than its all-time low price. The low was at $8.60, registered on September 25th, 2023. Likewise, the all-time high was registered on November 16th, 2021, when the price peaked at $147. Comparatively, from the ATH level, the price as of writing was nearly 77% down.

Avalanche (AVAX) Project’s Fundamentals & Other Factors

The Avalanche platform was built as an open, programmable smart contracts platform for decentralized applications. It has quite an excellent global presence. The project’s development activity, social community, and online presence scored 9.50 out of 10. It also had a pretty good Twitter score of 477 out of 1000, with significant followers like @sambankman, @ChrisBurniske, @AlexisOhanian, and many more. Furthermore, the AVAX coin has 10 backers based on the Chain broker website, and the leading ones are:

• A16z
• Polychain Capital
• Three Arrows Capital

The security score produced by CertiK Skynet exhibited that the Avalanche platform had an AAA tier security score of 94.12. After analyzing the AVAX based on backers’ quality, security measures, and value generation, it received a 9.49 out of 10. Similarly, its market, financial health, and performance metrics were 9.49 and 9.48, respectively. Additionally, the Vesting Schedule is set to pump more coins each year and will end by June 21st, 2030, where it would pump nearly 720 Million coins by that time into people’s hands for circulation.

Current Profitability of AVAX Holders

Based on the financial data, it was found that 4.73 million addresses, nearly 54.67%, with a balance of AVAX, were holding positions in the money. This meant that these addresses are in profit when comparing the buying price to the AVAX current price. Meanwhile, 39.99% were sitting out of the money, meaning the total addresses that are in loss are 3.46 Million addresses. 5.34% of the addresses are at breakeven prices, which makes 461.82K addresses in total.

Future Price Predictions for AVAX

The AVAX coin had a gripping price action after the prolonged consolidation that ended December 2023 on the daily chart. Its price displayed the effectiveness of the resistance-turned-support at $22, from where it took a bounce in the past two weeks. The broader crypto market has bullish sentiments on the chart, as BTC was on the rise and has a correlation of 0.73 with AVAX. Therefore, many are optimistic about AVAX. In the past 17 days, the gains were more than 45%, as it followed BTC’s lead on the daily chart. Technically, the price surpassed the 50-day EMA band and has traded near the 200-day EMA band, which could be surpassed contingent on buyers’ interest.

MACD displayed a bullish crossover, with a histogram growing at 0.0.83, and the RSI flashed at 65.24, indicating bullishness. Therefore, if the price continues surging, the resistance levels are at $37 and $50. However, failing to jump resistances would lead to a price decline, and the bears would look at the nearest supports at $27 and $16, respectively.

Summary

Avalanche (AVAX) has surged 22% in the past week. It has a good market presence and strong fundamentals. Whether AVAX can reach $65 this year depends on market conditions and investor sentiment.