Standard Chartered has initiated coverage on Avalanche (AVAX) with a bullish long-term outlook, forecasting a 10x price increase by 2029.

The move follows growing momentum in the digital asset space as market participants begin reassessing winners in the wake of macroeconomic uncertainty and shifting technology fundamentals.

In a note shared with CryptoSlate on April 2, the bank’s head of digital assets, Geoffrey Kendrick, described Avalanche as “the winner in EVM chains,” emphasizing its strong scalability roadmap and rising developer adoption, especially following Ethereum’s (ETH) latest upgrade.

Kendrick wrote:

“One positive of the tariff noise is that it gives us a chance to re-set and pick winners for the next upswing in Digital Asset prices. I think Bitcoin is one winner… I think Avalanche will be another.”

Etna upgrade

Avalanche, a smart contract platform built with Ethereum-compatible tooling, has long positioned itself as a high-speed alternative to Ethereum (ETH).

According to Kendrick, the network’s unique architecture, built around customizable subnets, has gained new relevance after the Etna upgrade in December 2024.

The Etna upgrade removed the requirement for AVAX staking when establishing subnets, effectively reducing the cost and complexity of launching on Avalanche.

Kendrick highlighted that early signs of success are already visible: approximately one-quarter of all subnets are now EVM-compatible, and several developers have already migrated from Ethereum’s Layer-2 ecosystem to Avalanche.

“This scaling solution received a significant boost. We expect improved scalability to drive activity and value to the Avalanche network.”

The research also cited Avalanche’s modular framework and active ecosystem growth as supporting factors for long-term price appreciation.

AVAX projected to outpace BTC and ETH

Standard Chartered’s price targets show AVAX climbing from its current price of around $35 to $120 by the end of 2025, $207 in 2026, $269 in 2027, and ultimately reaching $350 by 2030.

Such a trajectory implies a 10x return over the next five years, outpacing the firm’s projected gains for Bitcoin and Ethereum.

Bitcoin (BTC) is expected to rise from its current range to $200,000 by 2025 and $250,000 by 2030. Meanwhile, the firm’s Ethereum’s forecast is more muted, with ETH/USD targets set at $4,000 in 2025 and $8,000 by 2030.

Kendrick previously flagged structural concerns with Ethereum in a separate note titled “Midlife Crisis,” expressing skepticism about its long-term competitiveness amid rising Layer 1 alternatives and ecosystem fragmentation.

In contrast, Avalanche’s streamlined scaling approach, fast finality, and growing traction among developers make it a prime beneficiary of Ethereum’s congestion and cost issues.

Kendrick wrote:

“I like the scalability solution AVAX offers, especially post-Etna upgrade.”

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