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Avalanche (AVAX) price has surged over 40%, hitting a critical supply level that, if broken, could trigger a major rally. The recent surge has captured the attention of traders and investors who recognize the potential of layer-one blockchains as AVAX positions itself as a leading contender in this space.
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Among those closely following this development is senior analyst and investor Kaleo, who recently shared a technical analysis with a bullish price target of $420 for AVAX. Kaleo’s bullish outlook is in line with broader market sentiment as Bitcoin and Ethereum continue to rise, creating a favorable environment for blue-chip altcoins like Avalanche to make significant moves.
The next few days will be crucial in determining whether AVAX can surpass this supply level and confirm its upward trajectory. As more attention turns towards AVAX and other prominent altcoins, a strong upward move may soon follow, cementing Avalanche’s position as a major player in the top-tier blockchain sector.
Avalanche rises above key levels
Avalanche recently surged above crucial supply levels, breaking through resistance points that have restricted its price for weeks, with the $30 mark emerging as particularly important. This breakout has fueled optimism about AVAX’s long-term potential, as it signals an upward shift in momentum.
Leading analysts and investors Kaleo took to X to share his technical analysisdisplays a detailed AVAX price chart with key levels highlighted. According to Kallio, Avalanche’s potential in this cycle could push its price to an ambitious target of $420, which would represent a notable 1,200% increase from current levels.
For this bullish scenario to unfold, AVAX must maintain its current momentum and surpass additional resistance. Specifically, the price needs to surpass the recent higher high around $33, which will strongly confirm the ongoing bullish structure. Crossing this level is likely to increase market confidence and attract new investors, as a confirmed uptrend will indicate a potential upside in the long term.
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As AVAX continues its upward trajectory, investor interest in tier-one blockchain platforms like Avalanche is growing, underscoring the broader market’s belief in the value of decentralized networks. If AVAX can successfully consolidate above $30 and break $33, it could open the doors for significant gains in this cycle.
AVAX Technical Levels to Watch
Avalanche is currently trading at $31.4 after breaking through the 200-day moving average (MA) at $28.1, marking a major breakthrough in the AVAX price structure. The move brought AVAX into a critical supply zone that has restricted its growth since early June.
For bulls aiming to confirm the ongoing uptrend, AVAX needs to break above the $33 mark and hold it as a reliable support level. Maintaining this level may indicate a stronger uptrend and attract additional investor confidence.
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However, a healthy consolidation phase can be beneficial at this stage. A pullback to test the $29 level as support would reinforce market stability, allowing AVAX to gather momentum before attempting the next major push higher. Right now, AVAX price action looks strong, and a break above $33 could pave the way for a long-term bullish phase in the altcoin market.
Featured image by Dall-E, chart from TradingView
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