Why Has Avalanche (AVAX) Pumped Over 30% Today? Analyst Reveals the Potential Price Target

Avalanche’s native token AVAX has seen a massive 30%+ price surge today. But what’s behind this latest altcoin rally? Crypto analyst hitesh.eth outlines the key bullish fundamentals driving the pump.

New Validator Demand

Hitesh points out that 116 new validators have joined the Avalanche network recently. Each validator must stake a minimum 2000 AVAX, meaning at least 232,000 AVAX worth $5.7 million has been locked up from validators alone.

Growing Subnet Adoption

The analyst also highlights how Avalanche’s subnets like DEXALOT and DFK are now processing more transactions than the core Avalanche C-Chain. Major gaming subnets Sharpnel and Loco Legends are about to launch too.

Token Burning Adds Deflationary Pressure

Avalanche’s policy of burning 100% of fees has removed over 36,500 AVAX from circulation in the past 30 days. With 1700+ subnets in testnet preparing to go live and start burning fees, deflationary pressure is set to build.

Targeting $70 AVAX?

In response to the rally, crypto account Promai Digital has eyed a potential 2x surge in AVAX that could mimic Solana’s previous breakout.

Pointing to Avalanche’s bullish weekly chart structure, Promai sees scope for AVAX to reach around $70 in this move based on technicals mirroring SOL’s historic run.

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The combination of accelerating activity on Avalanche, validator staking demand, deflationary tokenomics, and bullish technical setup has powered AVAX’s 30% single-day pop. Analysts now have sights set on $70 if momentum continues building behind this Ethereum competitor.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.