Avalanche price targets $100 after Terra buys $200 million in AVAX
- Terra blockchain’s two leading organizations Terraform Labs and Luna Foundation Guard, have purchased $200 million in Avalanche.
- Su Zhu, the co-founder of 3AC, told Bloomberg that he is bullish on his Avalanche investment in an interview.
- Analysts have set a target of $100 for Avalanche price, revealing a bullish narrative for the altcoin.
Avalanche price is on track to break into an uptrend, and analysts predict a rally to $100 in the altcoin. Terra’s leading organizations have purchased $200 million worth of Avalanche tokens, fueling a bullish narrative among investors.
Avalanche price prepares for break out
Terraform Labs (TFL) and Luna Foundation Guard (LFG), the two organizations behind Terra, have purchased $200 million worth of Avalanche tokens. The company that developed the Terra blockchain (TFL) swapped $100 million LUNA for AVAX.
Terra is working on aligning the ecosystem’s incentives with the algorithmic stablecoin’s focus; therefore TFL scooped up AVAX.
Another $100 million in Avalanche was purchased by LFG for the Avalanche Foundation.
Do Kwon, the CEO of Terraform Labs, recently announced Terra’s plans to maintain Bitcoin reserves, to reinforce the stability of the stablecoin’s blockchain. Kwon told followers on Twitter that Avalanche is one of the most heavily trafficked Layer-1 with hundreds of applications spanning DeFi and gaming.
Avalanche is, therefore Terra’s top choice for scaling, through Web3 chains on subnets.
Su Zhu, 3AC co-founder and crypto investor, revealed his bullish outlook on Avalanche, Solana and Polkadot. Zhu believes purchasing Avalanche through the dip was ideal and remains bullish on the altcoin.
Analysts have evaluated the Avalanche price trend and set a target of $100 for the cryptocurrency. Analysts at @TrendRidersTR observed a bounce in the Avalanche price chart after a potential reversal signal confirmation. It is now facing the most important resistance at $89. Once Avalanche price breaks past the resistance analysts believe it could hit the next price targets at $95 and $100.
$AVAX 4hour timeframe update.
— Trend Rider (@TrendRidersTR) April 7, 2022
Nice bounce after "Potential Reversal" signal confirmation, now facing the most important resistance on this timeframe. pic.twitter.com/3yRa5O1sn7
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
