AVAX Surges 10% in 48 Hours: Whale Activity and Bullish Momentum Drive Avalanche’s Price Rally

  • Avalanche (AVAX) has seen a substantial 10% increase in value over the past 48 hours, breaking through a crucial resistance level.
  • Several key metrics indicate that this bullish surge is backed by strong market momentum.
  • Significant whale activity and high development activity suggest further upward movement is possible.

Discover how Avalanche’s recent 10% surge reflects broader market trends and what it means for future price movements.

AVAX Surges Past Crucial Resistance

AVAX has experienced a strong upward movement, rising over 10% in the last 48 hours and surpassing the crucial resistance mark at $29.22. This break has captured the market’s attention, driving discussions about its potential to reach new highs. Currently, its next target appears to be the $31 level of support within the trading range.

Increased Whale Activity Signals Further Gains

In-depth analysis from IntoTheBlock reveals that whale transactions involving AVAX have surged, with transactions exceeding $100,000 amounting to $713.98 million over the past week. This trend often precedes significant price increases, suggesting that AVAX may be on the verge of further bullish movements. Additionally, the rise in holder profitability by 7.69% reduces the selling pressure, as more investors find themselves in profit. The concentration of tokens within large holders’ portfolios remains at 72%, highlighting the considerable influence of whales on the market.

Growth in the Avalanche Ecosystem

Data from Santiment highlights several spikes in Social Volume, indicating increasing engagement and discussion around Avalanche within the crypto community. This growing Social Volume often aligns with positive price actions, potentially leading to further gains. Furthermore, consistent development activity within the Avalanche ecosystem points to ongoing innovation and improvements, providing positive signals for long-term investors interested in AVAX.

Potential for Market Liquidations to Drive Price Higher

Examining the heatmap data from Coinglass shows a concentration of liquidation levels above the current AVAX price. If the price surpasses these levels, it could trigger market liquidations, thereby accelerating AVAX’s upward trajectory. Such liquidations often act as a catalyst, pushing the price higher as traders adjust their positions.

Conclusion

In conclusion, several factors contribute to AVAX’s current bullish momentum. Increased whale activity, high Social Volume, and substantial development efforts within the ecosystem all point towards potential further gains. However, the $31 resistance level remains a critical point that could either support a continued rally or pose a significant challenge. Investors are closely watching this level for further indications of AVAX’s future direction.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

XRP Surges to New High Against ETH: Exchange Rate Peaks at 0.00128 in March 2023

According to recent market analysis by COINOTAG on March...

Binance Alpha Launches: 7 Tokens, Including COOKIE, Make Their Debut on Binance Spot

On March 16th, COINOTAG News reported an official update...

AML Bitcoin CEO Rowland Marcus Andrade Convicted of Fraud and Money Laundering, Faces 20 Years in Prison

On March 16th, COINOTAG News reported significant developments in...

Aave Co-Founder Stani Announces Horizon Product Launch Amid Community Concerns Over Potential New Token

On March 16th, Aave's co-founder Stani Kulechov made headlines...

Ethereum’s Nethermind to Free Up Disk Space by Deleting Historical Records: Major Update Coming May 1st

On March 16th, Marek Moraczyński, the lead for the...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img