Avalanche [AVAX] is experiencing a notable surge in whale activity, as reported by IntoTheBlock. Recent data indicates that large transactions have skyrocketed by an impressive 98%, with big players transacting $226.19 million worth of AVAX in the last 24 hours. This uptick in interest from large investors comes despite the coin's ongoing price challenges.
However, this surge in whale activity has not translated into increased trading volumes, as the altcoin market remains somewhat muted. Interestingly, active addresses for AVAX have actually dipped, indicating that while whales are making significant moves, smaller retail investors appear to be hesitant. Many market participants might be waiting for clearer signals before re-entering.
Coinglass data reveals a bullish bias for AVAX, with around $23 million worth of the altcoin at risk of liquidation if the price hits $31. This suggests that traders maintain a positive outlook, anticipating short-term price increases for AVAX. The presence of significant liquidation pools further indicates that traders are positioned for a potential recovery after recent declines.
Currently, AVAX is testing a crucial support level at $25.13. Following a sharp 22% decline over the past week, the altcoin appears to be building bullish momentum. The upcoming days will be critical; if AVAX can maintain this support level, the chances of a successful price reversal will increase. Conversely, a failure to hold this support could lead to further declines.
Despite the spike in whale activity, AVAX’s price action has remained relatively subdued in the past 24 hours. While large transactions may eventually drive the price upward, more factors will need to align for a sustainable recovery. Market watchers are particularly focused on whether AVAX can reach the $31 level, where significant liquidation pools may be activated.
In summary, while whale interest in AVAX is rising, the broader market sentiment and retail participation will play crucial roles in determining the altcoin's future trajectory.
October 2024, Cryptoniteuae