Avalanche price ready to pump 24% ahead of a major hackathon in Seoul

Avalanche price is once again in the preludes of a significant bullish breakout after holding support at $22.50. The token got rejected from robust seller congestion at $25.00, cutting short a market-wide rebound orchestrated in the last week of July. AVAX will need to rise above a short-term descending parallel channel to trigger a 24% climb from the neckline of an inverse head-and-shoulders (H&S) pattern.

What are the odds of Avalanche price climbing to $32.00?

In cultivating a bullish reversal from the decline in the last few months, Avalanche price tested resistance at $25 twice without breaking it. A mild price drop between July 22 and 26 formed an inverse H&S pattern, which, if confirmed, may propel AVAX 24% higher to $32.00.

Nevertheless, Avalanche price will have to meet a couple of parameters for the impending breakout to succeed. First, a break above the descending parallel channel would give the token the necessary impetus to slice through the hurdle at $25.00 (neckline resistance). Secondly, AVAX must hold above the 50-day Simple Moving Average (SMA) to avoid a possible bearish correction to support areas highlighted at $22.50 and $19.50.

AVAX/USD eight-hour chart

According to on-chain data from Santiment, discussions surrounding Avalanche increased significantly between July 26 and August 3. The illustration below shows a massive spike in its Social Volume metric – a bullish indication – while AVAX price prepares to move north of its support at $22.50.

Avalanche Social Volume

The expected run-up to $32.00 has a good chance of materializing if investor interest in the project keeps surging. Moreover, Avalanche’s upcoming hackathon in Seoul will bring together some of the best minds in Web3, including but not limited to Mark Shim, the general partner at Rok Capital and Tracey Bowen, founder of H.E.R DAO.

As the community warms up to the event scheduled between August 11 and 12, Avalanche price may take advantage of the hype to make headway to $32.00, as forecasted.