Avalanche price prediction as BENQI, JOE tokens go parabolic

Avalanche (AVAX) price has gone parabolic in the past few weeks, making it one of the best-performing cryptocurrencies in the industry. It surged to a high of $34 on Saturday, giving it a market cap of over $12 billion, making it the 11th biggest cryptocurrency in the world.

Altcoin season gains steam

Avalanche, like other cryptocurrencies like Solana and Cardano, has jumped because of the ongoing altcoin season. This season has been caused by the recent Bitcoin surge, which has pushed at above $44,000. 

As we saw during the 2021 crypto rally, most altcoins, including worthless meme coins, tend to do well when Bitcoin is thriving. Similarly, most altcoins slumped during the recent crypto winter season as BTC plunged to $14,800.

Avalanche price has also jumped as key parts of its ecosystem jump. BENQI, the biggest dApp in its ecosystem, has seen its total value locked (TVL) soar to $491 million. This TVL has jumped by more than 19% in the past 24 hours. As a result, BENQI price surged to a high of $0.0168, which was over 260% from its lowest point this year. 

BENQI is not the only part of the Avalanche ecosystem that is doing well. Trader Joe, the biggest DEX in its platform, has seen its TVL soar to over $104 million. Its token has soared by over 215% from its lowest point this year and is now hovering its June highs. Trader Joe has had over 15.8k Unique Active Wallets in the past 24 hours.

Other dApps in the Avalanche ecosystem that are doing well are Yield Yak, Stargate, and Pangolin. GMX, on the other hand, is not thriving as its TVL has jumped by just 18% in the past 7 days.

Avalanche (AVAX) price forecast

AVAX chart by TradingView

The daily chart shows that the AVAX crypto price has been in a strong bullish trend in the past few weeks. It invalidated a small double-top pattern at $24.68. In most cases, a double-top is one of the most popular bearish signs. 

Avalanche has also risen above the key resistance point at $30.73, the highest swing on August 8 2022. Also, it sits above the 50-day and 100-day moving averages while the RSI and Stochastic Oscillators point to higher momentum.

Therefore, AVAX price will likely continue soaring in the coming days. This rally could see it retest the key psychological level at $50, which is about 50% above the current level.