The price of the Avalanche (AVAX) token could rise to $250 by 2029, according to analysis from Standard Chartered. The recent Etna blockchain upgrade has contributed to the network’s development and will impact the asset’s value.
This is reported by Business • Media
AVAX Price Growth Forecast
Jeffrey Kendrick, head of digital asset research at Standard Chartered, shared his forecast for the AVAX token, noting that the asset has the potential to increase in price by more than 10 times by the end of 2029. This was reported by The Block.
Kendrick emphasized that a key factor in this growth was the recent Avalanche9000 upgrade, known as Etna. This upgrade significantly reduced the costs of launching custom blockchains (subnets), lowering the staking threshold from $450,000 to nearly zero, making the network more attractive to developers.
Positive Changes in the Avalanche Ecosystem
According to Kendrick, the number of active subnets operating on the Etna basis has increased by 25%. It is also noted that the number of developers has risen by 40% following the upgrade. Some projects are transitioning from other Layer 2 solutions in search of more favorable conditions.
Although fees on Avalanche remain higher than in some Ethereum solutions, the new L1 subnets are capable of attracting fresh projects, particularly in the gaming and consumer application sectors.
“We believe that AVAX will outpace Bitcoin and Ethereum in growth rates in the coming years,” Kendrick emphasized.
Kendrick also noted that the support of the tokenized BUIDL fund by BlackRock, which manages assets worth $1.9 billion, is another positive signal for the Avalanche ecosystem. The fund holds $52 million in the Avalanche network, which could attract greater liquidity in the future.
With the Etna upgrade, the increase in the number of developers, and the interest from major financial players, Kendrick believes Avalanche could emerge as a leading winner among EVM-based blockchains. As of the time of this report, the cryptocurrency is trading at $18.43, according to TradingView.
Recall that Avalanche raised $250 million in a private token sale at the end of 2024.