In the second leg of the bull season, the smart contract platforms have taken over and skyrocketed. With Ethereum hitting $4K, Solana smashing new ATH’s, and Cardano hitting new highs, DeFi platforms have made a strong foreground.
One more such platform with great potential is Avalanche(AVAX). Popular Analyst ‘Guy’ of Coin Bureau compiled all the bullish fundamentals that will pump AVAX in the medium term. He also sets a conservative price target for the token.
Avalanche Apricot Upgrade
According to the analyst, the Avalanche Apricot upgrade, which has an impact on AVAX’s fee structure, might fuel a rally.
He further explains the rationale, stating that the site previously had a fixed fee mechanism. But now, all of the AVAX used to pay transaction fees has been burned, and a dynamic fee schedule could result in even more AVAX being burned when the network is busy.
“Network activity is all I can see for Avalanche on the horizon as more dApps and DeFi protocols make their debuts, and this might just be enough to push AVAX past its previous all-time high.”
After reaching a new milestone with the new and upgraded Avalanche bridge, the analyst claims that the crypto asset now offers more benefits.
He goes on to say, moving coins between Avalanche and Ethereum is now five times faster and two times cheaper. Avalanche also intends to establish more connections to other blockchains in order to become the ‘definitive hub of DeFi.’
However, he points out one shortcoming, that Avalanche is yet to achieve the release of a new and enhanced Avalanche wallet that includes a mobile app and browser extension.
Although, Avalanche still has a month to release these new wallet features. He hopes to see them by the end of September, which is the roadmap’s deadline.
AVAX Price Bullish Predictions
The analyst specifies a pricing level that he believes AVAX will be able to achieve by the end of 2021.
“I think a hundred dollars is a realistic expectation for an end-of-year target”
However, he further adds, that there will very certainly be some front-running, with people selling somewhat ahead of the $100 price point. As a result, a selling range of $80 to $90 is safe. It’s feasible that AVAX will surge much higher than that, but it all relies on what Avalanche has planned for the months ahead.