Amidst growing whale accumulation and institutional interest, looks like altcoins are all poised for explosive growth ahead. With Bitcoin dominance falling and altcoins registering massive gains, the altcoin season might just be around the corner.
In a latest development, the Ava Labs CEO, Emin Gün Sirer has revealed that Ava Labs is in talks with the US administration. The Avalanche community is riding waves of optimism in anticipation that this development could have a massive impact on the AVAX token, with a potential $50 target looming.
The CEO and founder took to X stating: “You will not see us parade our political connections in social media. You’ll just suddenly see results, in total Avalanche fashion.”
On the other side, XRP has also led a massive rally after Ripple’s CEO revealed that the firm is in talks with the Trump administration. XRP price rallies against the backdrop of legal victories in Ripple’s favor and speculations that CEO Brad Garlinghouse will be the top pick for the rumored “Crypto Czar” position under Trump. Notably, XRP has recently also flipped Solana to get to the top three cryptocurrencies.
AVAX is currently trading at $46.34, up over 4% in the last 24 hours. Its 24-hour trading volume soared over 200% to $2.07 billion. Market enthusiasts are extensively eyeing the coin for further gains, given Trump is set to resume his role the next year.
Notably, the Ichimoku Cloud signals a bullish outlook for Avalanche (AVAX), with key support levels at $44.27 and $42.25 providing a strong foundation for upward momentum. The transaction volumes have surged for AVAX, reaching $566 million in November before stabilizing at $250 million. Additionally, a 5.52% decrease in zero-balance addresses over seven days indicates that funds are re-entering circulation, further supporting market confidence.
Despite the bullish indicators, AVAX faces challenges. The overbought conditions suggest a potential pause or retracement in its current rally. However, the token’s strong support levels, increasing utility, and growing network activity gives an optimistic outlook going further.
If AVAX overcomes the $48 resistance, it could solidify its upward trajectory, targeting new milestones like $100 in the near future.
AVAX price is rising due to growing whale accumulation, strong market support, and talks with the US administration.
If AVAX breaks through $48 resistance, it may continue upward, with a potential to hit $100 based on market momentum.
AVAX shows bullish indicators with growing network activity and strong support, but overbought conditions may lead to short-term retracement.
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