AVAX Surges 85%, Can it Hit $50 Next?

Avalanche (AVAX) is among the best-performing cryptocurrencies right now. The popular altcoin has surged 14.7% in the last 24 hours and 85% over the previous week. Moreover, the token’s price has risen by over 153% in the monthly charts. AVAX’s latest surge comes amid other significant projects dipping in prices.

Avalanche (AVAX) has even outperformed Bitcoin (BTC) in 2023. Since January, BTC’s price has risen by about 150%. On the other hand, AVAX has surged by over 280% in the same time frame. However, one should note that AVAX’s price did not make much movement for most of the year. The token’s price began to gain traction in November, and in December, the price skyrocketed.

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Moreover, according to DefiLlama, since Sept. 12, Avalanche’s (AVAX) TVL (Total Value Locked) has surged from $490 million to $894 million, an 82% growth. At the same time, the token’s trading volume surged 2436%.

Some analysts believe that Avalanche’s (AVAX) latest surge could be due to its recent partnership with JPMorgan and Citi. According to Ryan Mcmillin, the chief investment officer at Merkle Tree Capital, AVAX partnering with the financial heavyweights has significantly helped its price. Mcmillin added, “More recently, the strength of AVAX looks to be associated with a spike in daily transactions from around $200,000 to $4.5 million over the last couple of days, daily active addresses have also seen a solid trend to the upside.“

Can Avalanche (AVAX) hit $50 next?

The cryptocurrency market is currently following Bitcoin’s (BTC) trajectory. Hence, we may see a correction in Avalanche’s (AVAX) price soon. However, some analysts have said AVAX was undervalued before its latest surge, which could mean that the token may consolidate at current levels if it does not face a correction.

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However, there is a possibility that Avalanche (AVAX) could continue rallying due to its partnerships with JPMorgan and Citi, some of the most significant financial institutions in the world. If the rally continues, we could set a target of $50 for the next leg.