A widely followed analyst and trader says an exponential rally for one of Ethereum’s (ETH) biggest rivals could be imminent.
The pseudonymous analyst known as Kaleo tells his 651,800 followers on social media platform the same period.
“If similar price action continues to occur, an AVAX $400 upside target is not as crazy as it seems.”
Avalanche, which is trading at $26.19 at the time of writing, is expected to rise 1,427% from the current level to $400.
However, Kaleo claims that Avalanche and Ethereum have some differences, even though their prices reflect each other at similar times in their lives.
“ETH did not have a similar level of competition for capital from other top layer ecosystems as AVAX currently has. Conversely, there is more capital in the market as a whole than there was at this point in the previous cycle.
ETH had several narratives that really drove its upward surge – decentralized finance (DeFi) and non-fungible tokens (NFT). What will the AVAX story be? Currently, it appears to be the first layer launchpad narrative (for example, look at the recent partnerships and launches announced over the past year). Can he continue to form this type of partnership? More importantly, can he find his own catalyst outside of this?
Kaleo adds that while it’s not guaranteed that Avalanche will see Ethereum-like growth in its early years, “good executive and momentum in good market conditions” would make it more likely.
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