There are all kinds of optimistic predictions about the prices of digital assets these days. Check out the latest one about Avalanche (AVAX) below.
AVAX price prediction
The host of popular YouTube channel Coin Bureau addresses the price of Avalanche (AVAX) amid a bear market that he warns could last for another two years.
In a new video, the closely followed crypto analyst known as Guy said that AVAX is doing well considering its big sell pressure and the state of the broader digital assets market.
In his opinion, besides these depressing macro factors, around 25 million additional AVAX have entered circulation since the start of the year. This is consistent with Avalanche’s aggressive vesting schedule.
He said the following:
“Now assuming an average AVAX price of around $50, this means AVAX has seen up to $1.25 billion of sell pressure over the last few months. I’m also certain that there’s been other significant sell pressure and that’s simply because there’s been no shortage of news from Avalanche about stuff like acquisitions and investments over the last year or so.”
He continued and explained:
“Recall that Avalanche has an ongoing DeFi [decentralized finance] incentive program worth $180 million worth of AVAX and the recently announced $290-million multiverse incentive program is likewise probably being funded by sales of AVAX, so yes, lots of sell pressure.”
he also said that this is the reason for which it’s amazing to see that AVAX has held up so well in the face of said sell pressure, and “this is a consequence of the consistent demand as seen from retail users and institutional investors alike.”
It’s also important to note the fact that the number of unique wallets on Avalanche’s C-chain has increased by 50% in the last four months alone and the number of daily transactions on the C-chain were going great as well.