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Avalanche (AVAX) Price Prediction: Double Bottom and Surging Activity Hint at $40 Breakout Ahead
- AVAX is showing signs of a potential bullish turnaround with a double bottom formation near $18.50 and increased on-chain activity.
- The potential double bottom on the daily chart could trigger a short-term push towards the $26 to $27 range if AVAX reclaims the $22.50 neckline with decent volume.
- Avalanche recorded over 18 million transactions in a day and surpassed 40 million total addresses, indicating a bullish season in terms of on-chain activity.
- Despite trading near local lows at $19.10, some analysts see this as an opportunity to buy in, backed by the surging on-chain activity of AVAX.
- Technical indicators and network activity aligning suggest a calculated positioning by the AVAX community rather than just dip-buying.
- AVAX is forming a breakout from a falling wedge pattern, aiming for a target zone between $40 and $46, indicating a shift towards bullish sentiment.
- The AVAX community anticipates that AVAX could outperform Solana in the next market cycle, supported by its price action and backend growth.
- On-chain metrics, technical setups like the double bottom, and breakout wedge pattern signal a potential strong rebound for AVAX in the near future.
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