- AVAX has surged over 32% since retesting the crucial $39 support.
- Increased large transactions and active addresses hinted at a potential breakout above the $65 resistance level.
As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. However, the recent surge in Avalanche [AVAX] has caught my attention. With a 32% increase since testing the crucial $39 support, it’s clear that AVAX is making a strong comeback.
As a crypto investor, I’ve been quite pleased with my decision to hold onto Avalanche (AVAX). In the past few days, it’s been one of the top performers, surging an impressive 32% since it found support at the $39 mark. This upward trend has me optimistic about its potential future growth.
The altcoin has surged by 19% in the last 24 hours alone, reflecting growing interest and confidence among investors.
Approaching the significant $65 resistance barrier, AVAX is nearly at a point where it might test this level for the first time since mid-March, a price point it hasn’t surpassed during that period.
AVAX whales make moves
As a researcher, I’ve noticed an intriguing trend with Avalanche (AVAX): its recent price surge has been accompanied by a substantial rise in large transactions on the network. Remarkably, these large transactions have skyrocketed by an impressive 298% to reach 797 million within the past 24 hours.
This further reinforces the bullish sentiment around the altcoin.
Accumulating addresses and profitability
The surge in AVAX’s buying interest can be seen in the rise of active users on its network. Over the past 24 hours, the number of active addresses for this altcoin has jumped by a significant 23%, suggesting heightened trading action.
As a crypto investor, it’s worth noting that approximately 80% of AVAX wallets were reporting profits at the moment I checked, based on IntoTheBlock data. This implies that a significant number of Avalanche market players are poised to benefit from the altcoin’s current surge.
As the price nears the $65 weekly resistance level, investors who are making a profit might decide to cash out or wait for more growth, and their decisions could impact the market’s trend.
From my perspective as an analyst, I’m closely watching the buildup of positive sentiment towards AVAX. The focus is squarely on the $65 weekly resistance level, a challenge that AVAX has historically found tough to surmount.
Should the price surpass this point, it might pave the way for further increases, potentially pushing the altcoin to unprecedented record highs.
A continued AVAX rally?
Technically, AVAX has shown some pretty impressive price action of late.
As an analyst, I can’t help but be impressed by the way this altcoin bounced back after testing the $39 support level. This suggests a remarkable resilience on the part of market participants, demonstrating their ability to adapt and respond in the face of potential challenges.
Furthermore, as the quantity of significant transactions and engaged addresses steadily increases, there’s a growing recognition among both institutional and individual investors that the Avalanche network holds considerable long-term promise.
Read Avalanche’s [AVAX] Price Prediction 2024–2025
The latest increase in AVAX’s price, accompanied by a rise in significant transactions and active users, creates a compelling image suggesting that the altcoin is on an upward trend.
Meanwhile, since the Random Walk RSI has reached the overbought area, it seems possible that we might see some price adjustments or downturns in the near future.
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2024-12-03 19:35