Avalanche (AVAX) Enters Top 10 After 105% Growth Sprint

Avalanche (AVAX) is proving yet again how a cryptocurrency can be completely revived and placed on a rare growth pedestal. The proof-of-stake (PoS) protocol, described as the fastest in the industry in terms of Time to Finality, has entered into the top 10 list of cryptocurrencies by market capitalization after its resounding 105% growth over the past month.

Timeline of Avalanche

Analysts suggest that if the current uptrend can be sustained above $25, the Avalanche market price may likely reach the next target of $30. AVAX Price Surges Amid Market Recovery: Eyes Set on $30 As the market recovery gains momentum each day, altcoins, including AVAX, are extending their bullish trends.

Avalanche (AVAX) has maintained uptrends lately, outshining assets such as Chainlink and Tron to join the top ten crypto tokens by market capitalization. Ranking 10th, AVAX gained 16% within the past day to extend its 22% weekly surge. Avalanche traded at $25.

Notably, Avalanche also experienced a substantial increase in NFT (Non-Fungible Token) sales volume. The Dokyo collection alone achieved a volume surpassing $1.4 million, contributing to Avalanche's highest NFT sales volume in three months.

The Avalanche (AVAX) price has performed reasonably well this year, going from a low of around $9 to as high as $24 before correcting back downward. Since the correction, the altcoin has been trading in a tight range around $20 and $21.

Avalanche price has displayed significant price action recently as the token gained over 7% in value within the past day, and has doubled the net worth of its investors during the past month by adding 102% in value over the past 30 days.

A pseudonymous cryptocurrency analyst issued a warning to investors and traders in the digital currency ecosystem, predicting a gradual decline for several prominent cryptocurrencies, including Solana (CRYPTO: SOL), Chainlink (CRYPTO: LINK), Avalanche (CRYPTO: AVAX) and the decentralized finance (DeFi) token Rune (CRYPTO: RUNE). Altcoin Sherpa's analysis focused on specific technical indicators, particularly the .382 Fibonacci retracement levels and the 200-day Exponential Moving Averages (EMAs) on the four-hour charts.

Token unlocks for cryptocurrencies such as AVAX are not new but that does not negate the kind of impact that these unlocks can have on the price. Depending on the size of the unlock, it could trigger a market crash as millions of new coins roll into circulation and are dumped on retail.

Taking to X on November 22, one user, @kevinsekniqi, notes that the Avalanche C-Chain is burning roughly $12.65 of AVAX every second, a development that could be a massive boost for AVAX in the long term. The surge in AVAX burning on the C-Chain is primarily due to the launch of inscriptions, which permit storing data on the Avalanche's C-Chain, pushing the number of AVAX being taken out of circulation.

A popular crypto analyst is predicting that one Ethereum (ETH) competitor is on the verge of a massive collapse. Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that Avalanche (AVAX) could decline by more than 22% from its current value.

Avalanche has been on a roll in recent days. An announcement that JP Morgan was working on a pilot with Avalanche to investigate the tokenization of assets saw the price of Avalanche (AVAX) to rocket higher.