The Avalanche token (AVAX) spiked to an annual peak of nearly $50 in late December before stumbling in January 2024. After bottoming out around $31, Avalanche has regained some momentum. However, conflicting analyst views cloud predictions on where AVAX goes in the near term.
Key AVAX Price Details:
- Hit a 2023 high of $49.95 in December.
- Fell to $31 in January.
- Currently trading around $39 after rebound
AVAX logged impressive growth through September last year, rocketing almost 500% in just 3 months. However, the ascent halted after breaching $49, likely representing investor profit-taking.
Still, most analysts retain long-term optimism due to strengthened network usage data. For example, one noted transaction per day ballooned from 150,000 to nearly 6 million over the past year as active addresses doubled.
🔺Everyone is buzzing about the price increase in $SOL and how they've been benefiting from airdrops. But let's not forget about $AVAX, which has truly made an impressive recovery.
Around this time last year, things were looking bleak for the ecosystem. However, today they have… pic.twitter.com/DgnZej79n3
— Mars_DeFi (@Mars_DeFi) December 22, 2023
Avalanche could exhibit a pullback
In the short run, some chart indicators may point to an impending pullback, even after January’s sizable dip. One interpretation suggests AVAX just completed a standard five-wave advance, typically followed by corrective selling.
Under this lens, the token might revisit around $29 in the next leg to fulfill that forecast. However, reclaiming the recent high at $50 would negate that bearish bet.
So while fundamental network growth appears healthy, traders eye near-term choppiness according to conflicting technical perspectives. Nonetheless, most analysts agree any dips remain opportunities for long-term buyers rather than sell signals.
