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AVAX on Fire: Traders Target $140 as Avalanche DeFi Heats Up
The crypto market has been witnessing a surge in various digital assets, with Avalanche (AVAX) being one of the top performers. As AVAX’s decentralized finance (DeFi) ecosystem continues to gain traction, traders and investors are now setting their sights on a lofty target: $140.
Recent updates indicate that the TVL (Total Value Locked) has increased by an impressive 37%, with the figure currently standing at $1.5 billion. This growth can largely be attributed to the Octane upgrade, which has significantly reduced transaction costs and fees for users and applications alike.
The AVAX price action has been particularly noteworthy over recent weeks, having gained a substantial 9% within the past day alone. The token’s 7-day performance also shows a gain of around 4%. This momentum is accompanied by a trading volume exceeding $1 billion.
As we examine the current market conditions, it appears that AVAX may be poised to test this trend line resistance level for the first time since late 2021. This development could potentially open up a path for further price gains and breakouts.
A prominent chart analyst has indicated that if the price can hold above its current level of $27, the market is likely to test the key support zone at $30 in the short term. However, it appears that there are even more ambitious goals being targeted by traders. A long-term target of $140 has been identified, which would represent an eightfold increase from current levels.
The rapid growth witnessed within the AVAX ecosystem can be attributed to increased capital allocation and growing developer activity. This uptrend is expected to continue in the coming weeks as interest in this digital asset continues to grow at a remarkable rate.
In conclusion, it seems that traders are aggressively targeting $140 as their next major price milestone for AVAX.
Source: cryptopotato.com
