Avalanche Nears Breakout – Top Analyst Sets $420 Target For AVAX This Cycle

Avalanche ($AVAX) has surged over 40%, reaching a critical supply level that, if broken, could trigger a substantial rally. The recent surge has captured the attention of traders and investors who recognize the potential of Layer-1 blockchains as $AVAX positions itself as a leading contender in the space.

Among those following this development closely is top analyst and investor Kaleo, who recently shared a technical analysis with a bullish price target of $420 for $AVAX. Kaleo’s optimistic outlook aligns with broader market sentiment as Bitcoin and Ethereum continue to rise, creating a favorable environment for blue-chip altcoins like Avalanche to make significant moves.

The next few days will be critical in determining whether $AVAX can push through this supply level and confirm its bullish trajectory. As more attention shifts toward $AVAX and other high-profile altcoins, an aggressive upward move could soon follow, solidifying Avalanche’s status as a key player in the Layer-1 blockchain sector.

Avalanche Rising Above Key Levels

Avalanche recently surged above crucial supply levels, breaking through resistance points that had constrained its price for weeks, with the $30 mark emerging as particularly significant. This breakout has bolstered optimism for $AVAX’s long-term potential, as it hints at a bullish shift in momentum.

Top analyst and investor Kaleo has taken to X to share his technical analysis, displaying a detailed $AVAX price chart with key levels highlighted. According to Kaleo, Avalanche’s potential in this cycle could drive its price to an ambitious target of $420, representing a remarkable 1,200% surge from current levels.

For this bullish scenario to unfold, $AVAX must maintain its current momentum and break past additional resistance. Specifically, the price needs to surpass the last higher high around $33, which would strongly confirm a sustained bullish structure. Clearing this level would likely increase market confidence and attract new investors, as the confirmed uptrend would signal a potential long-term rally.

As $AVAX continues its upward trajectory, investor interest in Layer-1 blockchain platforms like Avalanche grows, underscoring the broader market’s belief in the value of decentralized networks. If $AVAX can successfully consolidate above $30 and break $33, it may open doors for substantial gains in this cycle.

$AVAX Technical Levels To Watch

Avalanche is currently trading at $31.4 after breaking above its 200-day moving average (MA) at $28.1, marking a significant achievement in $AVAX’s price structure. This move has brought $AVAX into a critical supply zone that has restrained its growth since early June.

For bulls aiming to confirm a sustained bullish trend, $AVAX needs to exceed the $33 mark and establish it as a reliable support level. Holding this level could signal a stronger uptrend and attract additional investor confidence.

However, a healthy consolidation phase could be beneficial at this point. A pullback to test the $29 level as support would reinforce market stability, allowing $AVAX to gather momentum before attempting the next major push upward. For now, $AVAX’s price action appears strong, and a breakout above $33 could set the stage for a long-term bullish phase in the altcoin market.

Featured image from Dall-E, chart from TradingView