Avalanche (AVAX) is deemed to rise 1000x and be the next Solana (SOL) – Here’s why
High-profile analyst Elliot Wainman reveals with his subscribers an altcoin called Avalanche (AVAX) that is going to see a tsunami of liquidity coming to the ecosystem and appreciate 1000x in valuation.
According to the trader, Avalanche is a promising Ethereum killer that delivers a blazingly fast, eco-friendly, and low-cost ecosystem.
“Avalanche is the fastest smart contracts platform as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol.”
One of the selling points of Avalanche is that Avalanche provides decentralized asset trading which anyone can launch and use, and does so with a network that is unique in the digital realm in providing subsecond transaction confirmations.
Besides, an interesting feature on Avalanche worth mentioning is Avalanche Bridge. Basically, the Avalanche Bridge connects directly to your MetaMask wallet for fast, cheap, and secure transfers of Ethereum assets to and from Avalanche.
“If you move more than $75 worth of tokens over from Ethereum, they will airdrop you a small amount of AVAX on the other side.”
The crypto KOL also says that a big wave is coming into the Avalanche ecosystem. Recently, Avalanche Foundation has announced a $180M DeFi Incentive Program. Titled “Avalanche Rush,” the program will bring blue-chip DeFi applications to Avalanche, starting with two popular protocols, Aave and Curve, two of the largest DeFi protocols by total value locked (TVL).
Since the launch of its Ethereum bridge on the 29th of July, Avalanche has had a phenomenal rise, reaching over $2 Billion in TVL in just 5 weeks – maybe one of the most explosive launches of all L1s to date.
“With Ethereum 2.0 taking its time and users migrating to cheaper L1s and L2s, Avalanche is certainly well-positioned to attract much more liquidity and users in the coming months, accelerated by its massive liquidity incentive program.”
AVAX price movement
As of the video, AVAX was trading at $49.87, yet it has not hit its all-time high of $59.94.
“It is obviously not a cheap coin. But I do think that Avalanche has a massive trajectory ahead of it. We saw it was about 2 to bucks earlier before 2021. And I think that it is hitting a few hundred bucks this year,”
With its price rise from below $10 to $55 in just a month, AVAX was amongst the biggest gainers in August that in good company with other hot L1s like ADA, LUNA, and SOL. While AVAX itself might already be a bit hot to tough right now, the trader advises that the best strategy is to look at smaller projects or emerging yield farming opportunities within the Avalanche ecosystem.
Analyst Wainman also warns that there is still a possibility that it would correct 80 to 90%:
“This is a very pumptastic and dumptastic type layer-1. Think about all the ETH killers from 2018 that we saw go sky high and then dump down. So this is very much a possibility that this could happen to Avalanche. But I’m of the belief that we’ll have a giga pump at the end of the year here and that l1s and other competing altcoins and big important coins within those ecosystems are going to go sky high.”