Highlights
- The AVAX price is expected to outperform Bitcoin and Ethereum, per Standard Chartered.
- Grayscale files for an AVAX ETF with Nasdaq, increasing investor excitement.
- AVAX shows bullish reversal, breaking out of a falling wedge pattern.
Avalanche’s AVAX price is set to experience significant gains in the coming years, according to Geoff Kendrick from Standard Chartered.
It will potentially surpass the already optimistic forecasts for both Bitcoin and Ethereum, he added.
In a recent development, Grayscale has submitted a filing for an AVAX ETF with Nasdaq, further fueling optimism in the crypto space.
This move has sparked renewed excitement among investors and analysts alike.
As enthusiasm for AVAX crypto continues to grow, experts are increasingly expressing their bullish outlook on the token’s price.
With these positive developments, many are eager to see how AVAX will perform in the evolving cryptocurrency landscape. Keep reading to know more.
Standard Chartered Bank Signals AVAX Price WIll Outperform BTC
Avalanche’s native token, AVAX price, is poised for substantial growth in the coming years.
Kendrick highlighted that unlike Ethereum and Solana, which rely on traditional scaling solutions, Avalanche utilizes a unique system of subnets or sidechains to enhance its scalability.
Kendrick points out that this innovative approach distinguishes Avalanche in the blockchain landscape.
Notably, he mentions that a quarter of active subnets are already compatible with Ethereum, which he views as a promising sign for Avalanche’s long-term prospects.
Standard Chartered has initiated coverage of AVAX, setting a price target of $55 by the end of 2025.
The outlook becomes even more optimistic, with projections of $100 in 2026, $150 in 2027, $200 in 2028, and $250 by the end of 2029.
If these forecasts materialize, AVAX could experience a remarkable 10x increase over the next five years.
Is a Bullish Move Imminent in AVAX Price?
The AVAX price is currently experiencing a bullish reversal as it breaks out of a falling wedge pattern, showing significant upward movement after reaching a critical price zone.
Analysts are closely watching the $25-$26 range, identified as a key resistance level for AVAX.
If the token can surpass this threshold, it could unlock substantial upward potential.
The chart clearly illustrates a bullish reversal pattern, the falling wedge, which suggests that AVAX price may be poised for further price increases.
Over the last 24 hours, AVAX has surged by 0.86%, bringing its price to $18.06.
The bottom of the falling wedge is positioned at $17, a crucial support area for AVAX.
This level is vital for maintaining bullish momentum; if the price fails to hold above it, a drop to lower levels could occur.
On the upside, the resistance zone between $25 and $26 is significant.
Market analysts from AMCryptoAlex believe that breaking through this resistance could signal the end of the current downtrend, paving the way for a new uptrend.
Should AVAX successfully initiate an uptrend, it could see prices rise to test resistance levels around $30, and potentially $35 to $36.
However, if the price remains below $17, the bullish outlook may diminish, leading to a possible market retracement or consolidation.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.