Avalanche (AVAX), like the rest of the market, has been on a recovery track following Bitcoin’s run-up. The digital asset is already up double-digits over the last week already, but crypto analyst Michael van de Poppe believes there is still room for more gains for the altcoin.
AVAX Will Touch As High As $65
In a Thursday post, analyst Michael van de Poppe told his over 658,000 Twitter followers that he believes the price of AVAX will reach around $65 before the rally is over. The post addressed a number of top cryptocurrencies, giving them high price targets for this year. However, AVAX stood out especially because of its high target.
If the crypto analyst is correct, then the altcoin would grow around 500% before the current rally fizzles out. This would put it ahead of the likes of Bitcoin and Ethereum, despite the high price targets that the analysts set for them as well.
#Chainlink to $18-22 #Avalanche📷 to $55-65 #Litecoin to $220-260 #Ethereum to $2,700-3,000 #Bitcoin to $38,000-42,000 #Cosmos to $25-35
And then we’ll correct.
— Michaël van de Poppe (@CryptoMichNL) June 22, 2023
Michael van de Poppe put Bitcoin at a high price of $42,000, with Ethereum coming in at $3,000. Others in the post include Litecoin at $260, Chainlink at $22, and Cosmos at $35. According to him, only when the digital assets reach these levels that the rally would be over and the market starts to correct downward.
Developments Could Push Avalanche Further
Although Michael van de Poppe’s post was focused on the general market rally pushing the price of AVAX higher, there have been some developments on the network that could work toward helping the altcoin reach the forecasted milestone.
One of these developments includes the Avalanche HyperSDK which will let developers create virtual machines on the network. This way, developers are able to customize their virtual machines to increase their performance all through the use of an SDK.
Avalanche recovers above $12.8 | Source: AVAXUSD on TradingView.com
Another development is the Avalanche Warp Messaging (AWM), an innovation that will use subnets to carry out messaging. This ensures that the messaging platform will work right on the blockchain without having to incorporate any third-party software or bridges to help it run.
The new developments show that the Avalanche team continues to work toward ensuring that the blockchain remains up to date with the latest developments. As such, this could drive demand for its native AVAX token, helping it reach the $65 level.
Presently, the price of AVAX rests at $12.81 after a small 2.30% correction in the last 24 hours. However, its market cap is sitting at $4.42 billion, making it the 18th largest cryptocurrency in the industry.