The Avalanche Foundation’s native cryptocurrency, AVX, has climbed 10% following the foundation raising $250 million for a blockchain upgrade. Trading volume around the asset is up 50% in the last 24 hours, with $1.51B worth changing hands. The Avalanche9000 Upgrade has plenty of institutional support, with its latest funding round having around 40 participants. These investors include Dragonfly, Galaxy Digital, and ParaFi Capital.
Avalanche’s upcoming upgrade aims to slash costs, boost scalability, and solidify Avalanche’s leadership in the blockchain space. Specifically, it will cut Layer-1 deployment costs on Avalanche by 99.9% and lower transaction fees on its C-Chain by 25 times. The upgrade is expected to launch on December 16. The announcement spurred a surge in AVAX price, with the cryptocurrency already riding a 61% surge in the last month.
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Investor Support for Upcoming Avalanche AVAX Upgrade
Haseeb Qureshi, Managing Partner at Dragonfly, called the upgrade a transformative moment for blockchain development. “Avalanche’s upcoming Avalanche9000 upgrade represents a pivotal step toward advancing the decentralized finance ecosystem, and we believe Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability,” he said.
Kevin Sekniqi, co-founder of Ava Labs, also highlighted the network’s potential to outpace Ethereum, Solana, and other chains combined in transaction volume, emphasizing Avalanche’s unique multi-chain model. “There is no question in my mind that Avalanche network will process more transactions than Ethereum/L2s + Solana + other chains combined in the near future,” Sekniqi said. “There’s no Avalanche ‘chain.’ It’s a network of many interoperable chains. In aggregate, there’s going to be a lot of activity.”
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The December AVAX forecast suggests steady gains could continue. Support at $48.22 protects against drops, while $56.56 marks the next resistance level for the Avalanche price prediction. That level looks ready to breach any day now, opening the door for further gains beyond $60. While the asset is still down 62% from its ATH of $146.22, AVAX’s recent gains reveal the potential for a new high come 2025.
Furthermore, recent cryptocurrency market trends favor AVAX’s rise. Moving averages point up across all timeframes. The RSI at 79.54 shows strong momentum, though some cooling may occur. The Avalanche price prediction model factors in these technical signals and adjusts accordingly for long-term projections. All in all, a 2025 prediction of $140 seems plausible, supporting investors’ recent decisions to buy in on the surging altcoin.
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