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<p>Avalanche’s native token AVAX has seen a massive 30%+ price surge today. But what’s behind this latest altcoin rally? Crypto analyst hitesh.eth <a href="https://twitter.com/hmalviya9/status/1723623530225696922" target="_blank" rel="noopener noreferrer nofollow">outlines the key</a> bullish fundamentals driving the pump.</p>
<p><strong>New Validator Demand</strong></p>
<p>Hitesh points out that 116 new validators have joined the Avalanche network recently. Each validator must stake a minimum 2000 AVAX, meaning at least 232,000 AVAX worth $5.7 million has been locked up from validators alone.</p>
<p><strong>Growing Subnet Adoption</strong></p>
<p>The analyst also highlights how Avalanche’s subnets like DEXALOT and DFK are now processing more transactions than the core Avalanche C-Chain. Major gaming subnets Sharpnel and Loco Legends are about to launch too.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="555" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-1024x555.png" alt="" class="wp-image-375358" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-1024x555.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-300x163.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-767x416.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-1536x833.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-2048x1110.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-277x150.png 277w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-100x54.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-645x350.png 645w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289-788x427.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-289.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><strong>Token Burning Adds Deflationary Pressure</strong></p>
<p>Avalanche’s policy of burning 100% of fees has removed over 36,500 AVAX from circulation in the past 30 days. With 1700+ subnets in testnet preparing to go live and start burning fees, deflationary pressure is set to build.</p>
<p><strong>Targeting $70 AVAX?</strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="428" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-1024x428.png" alt="" class="wp-image-375349" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-1024x428.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-300x125.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-766x320.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-1536x642.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-2048x856.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-359x150.png 359w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-100x42.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-838x350.png 838w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288-788x329.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-288.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>In response to the rally, crypto account Promai Digital<a href="https://twitter.com/promaidigital/status/1723557206736376006" target="_blank" rel="noopener noreferrer nofollow"> has eyed</a> a potential 2x surge in AVAX that could mimic Solana’s previous breakout.</p>
<p>Pointing to Avalanche’s bullish weekly chart structure, Promai sees scope for AVAX to reach around $70 in this move based on technicals mirroring SOL’s historic run.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/altcoin-market-cap-gearing-up-for-14-rally-but-critical-support-retest-comes-first/" target="_blank" rel="noopener noreferrer nofollow">Altcoin Market Cap Gearing Up for 14% Rally, But Critical Support Retest Comes First</a></li>
 <li><a href="https://captainaltcoin.com/dogecoin-has-only-one-direction-from-here-as-price-confirms-crucial-breakout/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Has Only One Direction From Here as Price Confirms Crucial Breakout</a></li>
 <li><a href="https://captainaltcoin.com/investment-spike-in-vc-spectra-by-whales-prospects-for-thorchain-and-aptos/" target="_blank" rel="noopener noreferrer nofollow">Investment Spike in VC Spectra by Whales; Prospects for THORChain and Aptos</a></li>
</ul>
<p>The combination of accelerating activity on Avalanche, validator staking demand, deflationary tokenomics, and bullish technical setup has powered AVAX’s 30% single-day pop. Analysts now have sights set on $70 if momentum continues building behind this Ethereum competitor.</p>
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<p>The post <a href="https://captainaltcoin.com/why-has-avalanche-avax-pumped-over-30-today-analyst-reveals-the-potential-price-target/" rel="noopener noreferrer nofollow">Why Has Avalanche (AVAX) Pumped Over 30% Today? Analyst Reveals the Potential Price Target</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Has Avalanche (AVAX) Pumped Over 30% Today? Analyst Reveals the Potential Price Target

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