Avalanche (CRYPTO: AVAX) surged by 7% in Friday's trading session, joining the altcoin rally ahead of its largest token unlock scheduled for the last week of February.

What Happened: Token Unlocks data reveals that on Feb. 22, 9.5 million AVAX, equivalent to around $322 million at current prices, will be unlocked.

It marks the biggest token unlock thus far. There is 57.7% AVAX in circulating supply, equivalent to 415.45 million tokens, with 304.6 million still to be unlocked.

In the past 24 hours of trading, Avalanche gained 6.9%, bringing its seven-day gains to 10.2%.

Avalanche NFTs are experiencing rapid growth, with upcoming projects entering the ecosystem, including AkudoWorld, DQNorg, ferdyfrens and Moo_Pals.

Read Next: Avalanche Announces Criteria For $100M Memecoin Purchases, AVAX Tokens Surge

Why It Matters: An X user, Good Morning Crypto, cited an undated interview with former White House Communications Director Anthony Scaramucci, saying projects like Algorand, Casper, Solana and Avalanche are part of his portfolio. He termed them “high-quality great core assets long term.”

Market analyst, CryptoBullet assigns a Bull Market Target of $230 to $285.

$AVAX #AVAX Macro chart

It was a very intense run up from $9 to $49. (1)
I do think we need to correct that growth (2) before we head towards a new ATH 📈

🏁 Bull Market Target: $230-285 pic.twitter.com/Il4WfNqre9

— CryptoBullet (@CryptoBullet1) January 29, 2024

Crypto analyst, World Of Charts tweeted that Avalanche is moving as expected breakout and retest has already done.

$Avax

Moving As Expected Breakout & Retest Has Already Done✅ Send It Now#Crypto #Avax #Avaxusdt https://t.co/WGKyiEwsQP pic.twitter.com/tuMj3X1RmO

— World Of Charts (@WorldOfCharts1) February 2, 2024

What's Next: Analysts see altcoins potentially challenging Ethereum's prime position during the next market cycle.

Also Read: Will This Meme Coin Make You Rich? Avalanche's Mystery Collection Could Change Your Fortune

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