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Avalanche [AVAX] has recently gained significant momentum with a notable uptick in trading activity and bullish metrics amid positive investor sentiment.
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The altcoin has demonstrated impressive price resilience, with a 32% increase since bouncing off the crucial $39 support level, marking it as a key player in the current market rally.
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“The increased large transactions and active addresses signal a strong potential for a breakout above the $65 resistance level,” according to analysts at COINOTAG.
AVAX surges 32% with rising activity and bullish sentiment, approaching the crucial $65 resistance level as large transactions soar. Explore more!
AVAX functionality drives whale activity
The recent surge in Avalanche’s price can be attributed to a remarkable increase in large transactions on the network. In fact, these transactions have skyrocketed by 298% in the last 24 hours, totaling approximately $797 million. This dramatic uptick speaks volumes about the growing confidence in the AVAX ecosystem as institutional and retail investors flock to the platform.
Source: IntoTheBlock
Active addresses signal a robust network
In tandem with the surge in large transactions, the number of active addresses on the Avalanche network has also experienced a significant uptick. Over the past 24 hours, active addresses have risen by 23%, indicating increased trading and engagement within the AVAX community. This influx of activity plays a critical role in solidifying the network’s health and investor interest.
Source: IntoTheBlock
Interestingly, data suggests that around 80% of AVAX addresses are currently in profit, reflecting a positive sentiment among holders amidst the altcoin’s recent upswing. This level of profitability not only attracts new investors but also fosters a sense of stability within the market.
As AVAX approaches the critical $65 resistance level, profitable holders face a key decision: realize gains or hold for potentially greater returns. The outcome of this dilemma could significantly influence AVAX’s forthcoming price action.
Source: IntoTheBlock
Forecasting further advancement in AVAX’s momentum
With the ongoing bullish momentum, AVAX showcases robust technical performance. The altcoin’s ability to rebound from the $39 support level underscores market participants’ resilience, while the increasing transactions and active addresses signal heightened enthusiasm among investors.
Source: TradingView
As the market sentiment continues to build, analysts suggest that if AVAX can decisively break through the $65 resistance, it may unlock new price levels, setting the stage for potential all-time highs.
Conclusion
The latest surge in AVAX, marked by substantial increases in large transactions and active addresses, paints a compelling picture of the altcoin’s bullish trajectory. While the stochastic RSI indicates an overbought condition that may lead to short-term corrections, the overall sentiment remains positive. Investors should closely monitor the crucial $65 resistance level as AVAX’s ability to overcome this barrier could unlock significant opportunities for future growth.
