Avalanche (AVAX) Token Release Today, Price Predictions Range From $90 to $130

Avalanche (AVAX) is set to embark on a token release today, November 18, with 1.67 million AVAX expected to enter into circulation.

Avalanche (AVAX) is set to release 1.67 million tokens today, an effort to bolster the foundation and sustain developments.

Currently, AVAX’s circulating supply is at 407.35 million. This exercise is expected to boost liquidity and might subject the market to short-term volatility.

In August, CNF reported that every quarter till 2030, Avalanche will be releasing 1.67 million tokens. At that time, 9.54 million AVAX tokens were released to strategic partners, the foundation, and the team.

After this announcement, AVAX declined by 1.62% on its weekly price chart, extending its year-to-date return to a negative 14%. A few hours after this announcement, the price of AVAX dropped.

An analyst identified as Grronk predicted that AVAX could return to “$130 faster than anyone could imagine.” His prediction is linked to the previous market behavior where the asset recorded a surge of 479% after dropping 27% in October 2023.

Another analyst estimated that AVAX could surge by 660% in this cycle. According to him, the asset has a high correlation with Ethereum (ETH). Data from IntoTheBlock shows that the 60-day correlation between AVAX and Ethereum is 0.84. When Ethereum broke out of a falling wedge, Avalanche followed a similar trajectory.

Another analyst, crypto analyst Fabioviriba, observed that the asset is imitating a 2021 move. In the previous cycle, AVAX completed a full cycle in three phases. The first was an extended accumulation, followed by an initial upswing that resulted in a corrective phase before embarking on the final rally. In 2021, this pattern led to a staggering surge of 4,800% from $3 to $147.

An analysis from another analyst, House of Crypto, estimated that AVAX could hit $90 before the year ends. Extending his estimation to other cryptos, he predicted that Bitcoin could hit $175k, Solana could hit $900, and Ethereum could hit $8400. At press time, AVAX was trading at $35.

In other news, Avalanche has sealed a strategic partnership with Oumla to build the first Layer One blockchain in Saudi Arabia. According to Oumla, this collaboration would extensively support startups and drive innovation within the region.