Avalanche's AVAX token is poised for major gains in coming years that should outpace already bullish outlooks for both bitcoin and ether, according to Standard Chartered's ( SCBFF ) Geoff Kendrick.

“The unique thing about Avalanche is how it is attempting to achieve scale. Unlike Ethereum or Solana, Avalanche (AVAX) uses a set of subnets, or sidechains,” Kendrick said in a note on Wednesday, initiating coverage on AVAX with a $55 price target for the end of 2025, $100 for 2026, $150 for 2027, $200 for 2028 and $250 by the completion of 2029.

“While it is still too early to tell whether the new subnet approach will work, we think the fact that one-quarter of active subnets are already Etna-compatible is encouraging.”

He also pointed out the network’s growing developer number since its upgrade in December, which cut the cost of establishing a subnet close to zero.

Avalanche, which stands at a $9 billion market cap, is currently the 15th-largest cryptocurrency by that metric, making it a great candidate to profit from a big impact even through incremental improvements, according to Kendrick. Among blockchains, it is the tenth-largest by total value locked (TVL).

“As a result, we see AVAX outperforming both Bitcoin and Ethereum in terms of relative price gains in the coming years, reaching a level around USD 250 by end-2029, more than 10x today’s price.”

Ahead of the December upgrade, the Avalanche Foundation, the issuer of AVAX, raised $250 million in a token sale, led by Galaxy Digital ( BRPHF ), Dragonfly and ParaFi Capital.