Avalanche Price Prediction – Bullish Breakout Likely To Push AVAX To $100

Avalanche has started the week flat, down by 0.49% in the last 24 hours. As of 12:18 GMT+3, Avalanche trading volumes were up by 1% to $468.256 million. 

The increasing volumes reflect the growing level of activity within the Avalanche ecosystem. At the moment, Avalanche is gaining adoption by some of the largest financial institutions in the world. For instance, thanks to its ability to scale by up to 100k TPS, a big bank like JP Morgan is using Avalanche for asset tokenization. 

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Did you know the Avalanche Blockchain is scaling to 100,000 TPS and JPMorgan is utilizing it for Tokenization?

John Wu, President of @AvaLabs, joins me to discuss this and more! @John1wu

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Topics:
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Another big bank that has chosen Avalanche for asset tokenization is Citi Bank. By leveraging the power of Avalanche subnets, Citi Bank wants to try out the tokenization of private equity funds. 

Citi Bank is once again harnessing the power of @avax to tokenize private assets, aiming to expand the broader market.

They are once again joining forces with industry behemoths WisdomTree and Wellington Management.

Slowly then all at once. 🔺 https://t.co/Gur4sa1eET

— Emperor Osmo🧪 (@Flowslikeosmo) February 14, 2024

Besides the big banks, upcoming DeFi projects are also increasingly going with Avalanche for its ability to scale. One of the latest DeFi projects to embrace Avalanche is Struct Finance. Towards the end of last week, Struct Finance announced that it was leveraging the power of Avalanche to offer more democratic access to finance. The idea is to use Avalanche to solve liquidity fragmentation, thereby increasing the number of people with access to financial products. 

Avalanche Is Gaining In The Gaming Space

All this news of big bank and DeFi adoption comes when the gaming industry also seems to be increasingly adopting Avalanche for blockchain gaming. So far, more than 20 games are running on the Avalanche blockchain, a signal of the fast-growing adoption rate. So significant is Avalanche in gaming that even Avalanche gaming competitions have become a thing. 

One such competition that has spotlighted Avalanche today is the Fortnite Avalanche cup. The competition was a big success and saw many teams participate, bringing together thousands of gaming enthusiasts and supporters of the Avalanche blockchain.  This also cements Avalanche as one of the best cryptocurrencies for gaming, adding to the potential for Avalanche’s token AVAX to keep doing well as buyers continue to jump into cryptocurrencies ahead of the Bitcoin halving. 

Huge congrats to the teams that placed top 8 in the Fortnite Avalanche Cup! 🏆 hosted by @GamingOnAvax @cozyverse @BloodLoopGAME

Thank you to all the teams/projects that participated, it was amazing to see our communities come together around gaming! pic.twitter.com/4Lj4kwBmYs

— Cozyverse (@cozyversexyz) February 17, 2024

The increasing trading volumes at a time when Avalanche is bullish reflects the growing level of user activity on the Avalanche blockchain. 

Avalanche Consolidates But Rising Volumes Signal An Incoming Bullish Breakout

Avalanche price shows a price consolidation ahead of a potential breakout. Avalanche buying volumes are currently on the rise. If buying volumes and Avalanche bulls can break the $40.74 resistance, Avalanche could turn strongly bullish in the day. In such a scenario, Avalanche could easily reach its weekly high of $49.46. If bullish momentum sustains and Avalanche breaks the $49.46 resistance, then $100 would be within range in the short term. 

On the other hand, if volumes remain low, then two scenarios could play out. The first one would be a continuation of the range-bound trading witnessed. This would see Avalanche continue trading between $40.74 and $38.40. 

However, if short sellers take control and can drive Avalanche through the $38.40 support, then a low of $33 could be within reach during the day or at some point in the week. 

Avalanche Price Prediction: Why A Bullish Breakout To $100 Is Likely

While Avalanche can break out in any direction, there is a strong case for a bullish breakout. The biggest one is that bulls are fully in control of the market. Most of the small-cap altcoins are rallying by double digits. Bitcoin is also back above $52k after slightly dropping below it over the weekend. 

This coupled with the growing adoption of Avalanche, including by big financial institutions like JP Morgan, points to a blockchain with more hype backing it up. Also, there is so much momentum around blockchain gaming, and Avalanche is taking up a sizeable chunk of this market. This is evident in the hugely successful Avalanche Fortnite competition over the weekend. 

All this, coupled with Avalanche’s status as a top-tier cryptocurrency available on all top exchanges, adds to its potential upside momentum. 

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