• Avalanche (AVAX) price against the US dollar has established a solid support level of around $32.5 and is ready for a liftoff to new heights soon.

• Several technical indicators including the weekly RSI and the 50 Moving Average (MA) indicate an inevitable rally ahead.

The recent Bitcoin (BTC) halving event has turned out extremely bullish for the altcoin industry as expected. Profit distribution from Bitcoin to the altcoin sector has helped most of the altcoins establish a solid support level for the recent correction. Furthermore, the four-year established crypto cycle marked by Bitcoin halving is on the verge of a parabolic rally in the coming months.

One of the altcoins with immense bullish potential is the smart contract-enabled Avalanche (AVAX). The mid-cap altcoin, with a fully diluted valuation of about $16.6 billion and a daily average trading volume of around $406 million, gained approximately 9 percent in the past seven days to trade at about $38 on Tuesday.

Why Bet on Avalanche Rally in the Near Term?

The Avalanche network has established itself as a top-tier web3 hub, with nearly $2 billion in stablecoins market cap and around $1 billion in total value locked (TVL). As a multichain-enabled layer one blockchain, Avalanche has facilitated nearly $4 billion in bridged TVL since its inception.

The Avalanche network has also established itself as a meme coin hub through the notable rise of the Coq Inu (COQ). As of this report, COQ had a market valuation of about $204 million and a daily average trading volume of about $5 million.

As Crypto News Flash previously pointed out, the Avalanche network has inked several strategic partnerships in the recent past to ensure sustainable growth in the future. Moreover, more web3 and smart contract-enabled chains have sprouted out including Toncoin (TON), and Solana (SOL).

Nonetheless, the web3 industry is wide enough to accommodate more interoperable chains and more in the future. The notable adoption of digital assets by institutional investors through real-world assets (RWA) tokenization has the potential to unlock trillions of dollars from global markets.

As a result, it is safe to assume that the Avalanche network is in the early phases of mass adoption.

Midterm AVAX Price Targets

As Crypto News Flash reported, AVAX’s price has been trapped in a bullish flag consolidation since the beginning of this year. However, AVAX’s price against the US dollar has gained significant bullish momentum to guarantee a retest of the all-time high in the near term.

Furthermore, the weekly Relative Strength Index (RSI) has rebounded on the 50 level following the five-week correction phase. Having closed last week on a bullish Doji candlestick, AVAX price is to rally beyond $40 in the coming weeks fueled by the general crypto bullish outlook.

A consistent AVAX price close above the liquidity range between $48 and $52, which coincides with the 0.5 and 0.618 weekly Fibonacci extension, will guarantee the altcoin a push towards $68 soon. However, if the recently established support level around $37 fails, AVAX’s price is likely to drop as much as $27 before a meaningful rebound.