Avalanche’s (AVAX) price has headed downward since mid-March. The asset is down 9.9% in the weekly charts and 14% in the 14-day charts. However, AVAX has maintained a 13.7% gain over the previous month and 175.7% since April 2023.
AVAX’s recent decline could be due to a fall in liquid staking on the network. The decrease in staking on the Avalanche network may signal a drop in investor confidence. The lack of confidence may have impacted the asset’s price, which has significantly fallen over the last few weeks.
Also Read: Avalanche Weekly Price Prediction: Can AVAX Hit $70?
Despite the recent price dip, AVAX may be gearing up for a massive.
Avalanche (AVAX) to hit a new all-time high?
AVAX is currently down by 66.5% from its all-time high of $144.96, which it attained in November 2021. According to CoinCodex, the asset may surpass its 2021 peak in May. The platform predicts AVAX to hit $152.01 on May 4, 2024. Reaching $152.01 from current levels would translate to a growth of about 213.23%.
Furthermore, CoinCodex anticipates Avalanche (AVAX) to continue rallying past the $160 mark, hitting $164.08 on May 5, 2024.
Also Read: Avalanche (AVAX) Pumps 10% as New P2E Token ICO Raises $2m
Changelly also paints a bullish picture for AVAX over the next few weeks. The platform predicts AVAX to hit $152.63 on May 3, 2024, a rise of about 214.5% from current levels. Furthermore, Changelly anticipates AVAX to hit $164.80 on May 5, 2024, rising by about 240% from current levels.
The positive outlook for AVAX could be due to Bitcoin’s (BTC) halving later this month. Many analysts consider halvings bullish as they reduce the supply of an asset. BTC might break into a rally following the halving, which might trigger a market-wide rally. In such a scenario, we may see altcoins like Avalanche (AVAX) soar to new highs.