Avalanche (AVAX) Rally on the Horizon? Whale Transactions Surge Over 71%
As the broader cryptocurrency market struggles with negative sentiment, Avalanche (AVAX) is drawing attention with a notable surge in whale activity. According to on-chain analytics firm IntoTheBlock, AVAX’s large transaction volume has jumped by an impressive 71.09% in the past 24 hours, signaling growing interest and potential upside for the token.
Whale Activity: Large Transaction Volume Soars
Recent data highlights a dramatic rise in AVAX’s large transaction volume, indicating heightened participation from whales. This surge in activity reflects strong confidence in the token, potentially creating buying pressure that could drive its price higher.
Additionally, insights from Coinglass reveal a significant outflow of $5.15 million worth of AVAX from exchanges, suggesting that whales and investors are accumulating AVAX during its recent price dip. This accumulation could be a sign of anticipation for a price rally.
AVAX Price Action and Key Support Levels
AVAX’s price is currently hovering near a crucial support level of $36, a point that has historically preceded significant rallies. This level aligns with the 200 Exponential Moving Average (EMA) on the daily chart, further reinforcing its importance.
- In December 2024, AVAX tested this support level multiple times and each time saw rallies of over 25%, climbing to around $44.50.
- Analysts speculate that whales, aware of this historical trend, are strategically increasing their participation.
If AVAX maintains support at $35, a similar price trajectory could unfold, with the potential to reach the $44 target once again.
RSI Indicates Potential Upside
Another promising indicator for AVAX is its Relative Strength Index (RSI), which is currently near the oversold territory. This position often signals a potential reversal and upside momentum.
Analysts believe that if AVAX holds its current level, it could experience a 25% surge, returning to its previous high near $44. This bullish outlook is further bolstered by the increasing participation from both traders and long-term investors.
Current Price and Market Dynamics
As of now, AVAX is trading at $36.35, reflecting a 2% price decline over the past 24 hours. However, during the same period, trading volume has increased by 10%, highlighting growing interest from market participants.
The combination of whale activity, key technical levels, and improving trading volume suggests that AVAX may be on the brink of a significant price breakout.
Conclusion: Is an AVAX Rally Imminent?
The surge in whale transactions and accumulation at critical support levels paints a promising picture for Avalanche (AVAX). With its 200 EMA support holding firm and a historical pattern of rallies at these levels, AVAX is well-positioned for a potential 25% price surge in the coming days.
For investors, the recent increase in whale confidence and the RSI signaling upside momentum offer compelling reasons to keep AVAX on their radar. If the token holds above its current levels, an imminent rally to $44 could be the next chapter in its price trajectory.
Now might be the perfect time to watch AVAX closely—will it break out or consolidate further? The coming days will reveal all.
