Blockchain | Cryptocurrency P.BCHAIN

Can AVAX Hit $33 Soon?

[cryptoalerts]

Avalanche (AVAX) is experiencing a price surge, but this time, it's not just due to macroeconomic factors. The rise is largely driven by the platform's expanding decentralized finance (DeFi) ecosystem and an optimistic Avax price target set by analysts. Let’s break it down step-by-step.

Increasing TVL Shows DeFi Strength

Avalanche's Total Value Locked (TVL) rose by 11% in recent months. It went from 28.1 million AVAX in Q1 to 30.8 million in Q2, with the current TVL at 38.63 million AVAX. A higher TVL typically means more assets are being locked in DeFi, which indicates strong growth for the network.

Current Market Price and Projections

AVAX is trading at $27.7. Analysts believe the token could surge by 245% over the next three months, followed by a 180.19% gain in six months and a 166.37% increase in the next year. This growth is fueled by increased accumulation and positive market sentiment.

Key Levels to Watch

For a bullish move, breaking past $28 could push AVAX to $30 or even $33. However, if the price drops, the nearest supports are at $22.8 and $20.5. The August low of $17.3 remains a critical point for potential losses.

With growing DeFi activity, AVAX could see more promising gains soon. Keep an eye on these key levels!