- Avalanche (AVAX) posts a modest 0.9% increase in the last 24 hours, reaching $41.34.
- Despite the network update, Avalanche’s growth is minor compared to Bitcoin and Ethereum.
The price of AVAX has seen a notable rise in the last few hours in anticipation of the release of the expected Avalanche Durango upgrade on the Fuji test network, scheduled for today.
This spike in the value of AVAX has captured the attention of investors and enthusiasts in the crypto ecosystem, generating positive expectations about the future of this cryptocurrency.
The price of Avalanche (AVAX) appears not to be being driven by recent developments, including the network upgrade. Although it has experienced a 0.9% increase in the last 24 hours, reaching $41.75 at the time of writing, this increase is minor compared to the 3% growth seen in market leaders Bitcoin and Ethereum over the same period.
Over the past three months, Avalanche’s price performance has largely tracked that of other major cryptocurrencies. The year began with a rally driven by speculation around the potential SEC approval of Bitcoin ETFs, which led to an initial surge in prices. However, this expectation was followed by a subsequent drop, in line with the “buy the news and sell the rumor” pattern.
Why is the price of AVAX experiencing a surge ahead of the Durango update?
The recent increase in the price of AVAX is primarily attributed to the anticipation around the Durango upgrade. This upgrade is expected to significantly improve inter-chain communication and scalability of the Avalanche network.
The Durango upgrade is intended to strengthen inter-chain communication and improve network scalability. These improvements are expected to lead to greater interoperability and a more resilient network.
What are the pricing projections for AVAX after the Durango upgrade?
Projections for the price of AVAX are optimistic. Technical analysis suggests additional upside potential, estimating that the price of AVAX could reach $50 in the nearterm. Even in a bullish scenario, it is expected that it could reach $54.92, based on historical data and market trends.
The price of AVAX has seen a notable rise in anticipation of the Avalanche Durango upgrade. This event promises to boost interchain communication and improve network scalability, which could further boost AVAX’s interest and price.
With encouraging projections and a dynamic crypto market, AVAX continues to be a cryptocurrency to watch in the near future.
At the time of this writing the price of AVAX is trading at $41.59 gaining 21% in value compared to lastweek.
