Avalanche (AVAX) experienced a healthy rally last weekend. The asset is up 1.8% in the daily charts, 5.8% in the 14-day charts, 3.6% over the previous month, and 203.4% since October 2023. Despite the gains, the asset is down 2.6% in the weekly charts.
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Source: CoinGecko
Why Is The Cryptocurrency Rallying?
The recent rally could be due to Bitcoin (BTC) briefly surpassing the $69,000 mark, which was also the result of BlackRock’s $1.17 billion purchase.
Another reason that may have pushed AVAX’s price is the upcoming US Presidential elections. Market analysts anticipate a market-wide rally if Donald Trump takes charge of the Oval Office.
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October has historically been a bullish month for the cryptocurrency market. 2024 seems to follow the same trend, with the market witnessing a healthy rebound after the dip earlier this month.
Avalanche Predicted To Rally Over 100%
According to the analysts at CoinCodex, Avalanche (AVAX) will rally over the next few days. The platform anticipates AVAX hitting $57.97 on Oct. 30, 2024. Hitting $57.97 from current price levels will translate to a rally of 103.5%. However, the platform does not expect the asset’s price to hold, predicting a correction to $36.38 on Nov. 17, 2024.
Source: CoinCodex
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Changelly analysts are slightly bearish on AVAX. The platform anticipates AVAX hitting a potential maximum price of $46.72 this month. Hitting $46.72 from current prices will entail a rally of about 66.86%. Changelly predicts the asset will trade at a maximum cost of $48.83 in November.
Source: Changelly
There is also a possibility that AVAX will continue rallying without facing a correction. If Donald Trump wins the upcoming US Presidential election, the asset may surge to a new peak. AVAX is currently down by over 80% from its all-time high of $144.96, which it attained in November 2021, nearly three years ago.
