AVAX Surges 120% In A Month: Is Avalanche Building Up To A 'God Candle' To $100?

Avalanche AVAX/USD is seeing bullish momentum, fueled by strong fundamentals and optimistic community sentiment.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Avalanche AVAX/USD	$50.36	$20.6 billion	+2.9%	+19.3%
Solana SOL/USD	$224.32	$106.6 billion	-1.1%	-3.2%
BNB BNB/USD	$647.03	$93.2 billion	+0.4%	+4.5%

Trader Notes: Pseudonymous crypto trader Kaleo predicts a "God candle" to push AVAX beyond $100 this December.

Crypto influencer TrendFI initially anticipated a rally to $65 followed by consolidation but now believes AVAX will surpass $100 sooner than expected.

Initially I was thinking $AVAX would stop at $65 and consolidate for a while.

Considering how fast alts are moving, I now think #AVAX goes right through $65 and hits $100 sooner than expected. pic.twitter.com/gjckaB5Kya

— TrendFi (@TrendFi_) December 2, 2024

Trader AMCrypto suggests that breaking the $55 level will mark the end of a multi-year downtrend, paving the way for a strong rally as other 2021 cycle coins are also surging.

Crypto Raven notes a 2.5x increase in Avalanche's value since the election and emphasizes its potential, citing institutional backing as a driving force.

Statistics: IntoTheBlock data shows large transaction volume increasing by 298.6% and daily active addresses growing by 23.4%. Transactions greater than $100,000 are up from 380 to 1,516 in a single day. At current price levels, 80% of AVAX holders are making profit.  

Community News: Messari's State of Avalanche Q3 report stated that Avalanche9000, the most significant update since the mainnet launch, is reducing costs and complexity for launching Layer-1s while enabling seamless liquidity flow across networks.

Avalanche has also announced Retro9000 Initiative, a $40 million gamified testnet experience encouraging developers to explore Avalanche9000 features for enhanced scalability.

Total value locked in Avalanche decentralized finance increased from $903.6 million to $1.5 billion in Q3, with transaction activity rising by 18% to 1.2 million. By the end of Q3, there were 38 different decentralized exchanges on Avalanche, adding 7 over the quarter.

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