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Last year, while everyone was talking about Solana (SOL), it was also quite a solid year for Avalanche (AVAX). It signed multiple partnerships, including with major gaming company BLRD and the giant Amazon’s AWS.
AVAX Reviews
AVAX made interesting moves in the last months of 2023 that supported its price increase. It experienced a rise in both price and volume for a while, which continued until the launch of Stars Arena. After a major attack on Stars Arena, it displayed a more balanced image.
When reviewing the price, AVAX was one of the biggest gainers of the massive rally in the fourth quarter of 2023, attracting all attention with an increase of more than 187% compared to January 2023.
Nevertheless, after the emergence of a Matrixport report suggesting that the SEC might not approve a spot Bitcoin exchange-traded fund (ETF) before the second quarter of 2024, it experienced a sharp decline along with other high-volume cryptocurrencies in the market.
The Future of AVAX Price
The mixed emotions at the end of 2023 and the beginning of 2024 caused an increase in question marks among investors in AVAX. To answer this anxiety related to the uncertainty, CoinCodex’s recently favored artificial intelligence-focused machine learning algorithms were consulted.
These algorithms used by CoinCodex predicted that Avalanche’s price would fluctuate, but also foresaw a slight downward price movement. According to the algorithm, AVAX is expected to fall to $32.98 by January 31, 2024.
This is below the price of $37 at the time the article was published and can be considered an indicator of the volatility that emerged despite ETF expectations. CoinCodex took its prediction a step further and also made a forecast for February.
According to the algorithm, the price of Avalanche (AVAX) will start trading slightly above $37 during February, which indicates that the price will be above its current trading price.
AVAX Analysis
At the time of writing, an uptrend in AVAX price was noticeable. A 12% increase in the last 24 hours brought the price to $37. However, the price experienced a 14.74% loss in value over the last 7 days. Over a 30-day period, the price increased by 14%, indicating that the overall trend is still upward.
AVAX’s trading volume increased by 36% in 24 hours following the ETF excitement, surpassing the $1 billion mark. The overall volume of AVAX also increased by 12.5% during this period, reaching $13.5 billion.
