This Top Altcoin Could Explode, According to Crypto Expert

Despite the recent downturn in the crypto market, many analysts remain optimitic about the future potential of some altcoins.

A prominent analyst predicts that a significant surge in the price of Avalanche (AVAX), one of Ethereum’s major competitors, may be on the horizon.

$ETH price action over its first five years vs. $AVAX price action over its first four years.

If similar PA continues to play out, an upside target of $400 AVAX isn’t as crazy as it sounds. pic.twitter.com/EZUUfxcmFA

— K A L E O (@CryptoKaleo) October 9, 2024

Kaleo recently noted that Avalanche’s price movements during its initial four years closely resemble those of Ethereum in its early days.

Kaleo suggests that if this trend continues, a price target of $400 for AVAX is within the realm of possibility, despite the coin currently trading at $26.19—a substantial 1,427% increase from its present value.

While acknowledging the similarities in price trajectories, Kaleo points out key distinctions between the two cryptocurrencies. He emphasizes that unlike Ethereum, which faced little competition from other layer-one platforms during its rise, Avalanche is navigating a more competitive landscape. However, he notes that the overall capital available in the market today exceeds that of Ethereum’s early cycle.

He highlights that Ethereum benefited from several compelling narratives—such as Decentralized Finance (DeFi) and non-fungible tokens (NFTs)—that propelled its growth.

For Avalanche, its current narrative seems to focus on serving as a launchpad for other layer-one solutions, illustrated by the recent partnerships and project launches it has announced over the past year. Kaleo questions whether Avalanche can maintain this momentum and develop a unique narrative that sets it apart.