- AVAX whale transactions surged by 98% to $226.19M, signaling strong market interest.
Despite no significant change in its active address decline, liquidation data suggests potential bullish momentum to $31 price level.
As a seasoned crypto investor with a knack for deciphering market trends and a portfolio that has weathered numerous bull and bear cycles, I find the recent surge in large transactions of AVAX quite intriguing. The 98% increase in whale activity, as reported by IntoTheBlock, is indeed an encouraging sign, suggesting strong market interest in Avalanche. However, the lack of a corresponding rise in active addresses indicates that smaller traders might still be on the sidelines.
According to data from IntoTheBlock, there’s been a notable increase in large-scale transactions involving Avalanche [AVAX], with these transactions jumping up approximately 98% as of now.
Over the past day, major market participants conducted transactions totaling approximately 226 million dollars in Avalanche. It appears that big investors are becoming more intrigued by AVAX, even as its price faces challenges.
On the other hand, despite the recent increase, there’s been no substantial impact on trading transactions, yet the values of altcoins are surging with a bullish trend.
AVAX active addresses dip
It’s worth noting that the rise in whale activity doesn’t correspond with a significant growth in active addresses.
As reported by IntoTheBlock, there’s been a decrease in the number of active addresses. This could indicate that larger investors might be executing significant transactions, while smaller traders or individual investors appear to be holding back with caution.
The market participants could be just waiting for an explicit signal of the market to jump back in.
Liquidation data indicates a bullish bias
The data from Coinglass hints towards a positive trend for AVAX, as around $23 million of this altcoin could potentially be liquidated if the asset’s value reaches $31. This implies a bullish outlook, but there is a risk involved should the price drop to that level.
This suggests that traders are quite optimistic about AVAX‘s price, anticipating brief rises in its value.
One indication that the AVAX market might be preparing for a price rebound following its recent drop could stem from observations made on the liquidation pool.
AVAX price is testing a critical support level
right now, the value of AVAX is facing a potential support point around $25.13. Following a substantial 22% drop over the last week, there’s an increasing sense of optimism among traders.
Over the next few days, I find myself keeping a close eye on AVAX. If the current price level doesn’t hold strong, there’s a risk it could slide even further. But if this support stays firm, there’s a good chance we might witness a successful turnaround.
Will whale activity drive a price rebound?
In the past day, while there’s a surge in whale activities, the price fluctuations for AVAX have remained relatively quiet.
Read Avalanche’s [AVAX] Price Prediction 2024–2025
As a crypto investor, I’ve noticed that large transactions could potentially boost Avalanche’s (AVAX) price in the near future. However, for a sustained price recovery, it seems that we need more than just whale activity to drive the market.
Right now, there’s much anticipation about whether the price will trend toward the $31 mark, which is believed to host considerable margin calls or liquidations.
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2024-10-05 02:15