- AVAX whale transactions rose 98% to $226.19 million, indicating strong market interest.
- Despite no significant change in the decline of the active address, liquidation data indicates potential bullish momentum towards the $31 price level.
Avalanche [AVAX] has seen a significant increase in whale activity, according to data from IntoTheBlock. At the time of writing, major transactions are up a whopping 98%.
The market’s major players traded $226.19 million worth of Avalanche in the last 24 hours alone. Major investors appear to be increasingly interested in AVAX, despite the coin’s price struggles.
However, this increase has not brought any significant change in trading activity, but altcoin prices are currently gaining bullish momentum.
Source: IntoTheBlock
AVAX active addresses dip
Interestingly, this spike in whale activity doesn’t really translate into an increase in the number of active addresses.
According to IntoTheBlock, the number of active addresses has decreased. This indicates that large investors are making big moves, but smaller traders and retail investors are still skeptical.
It could be that market participants are simply waiting for an explicit signal from the market to jump back in.
Source: IntoTheBlock
Liquidation data indicates a bullish bias
Coinglass’ data indicates a bullish bias for AVAX, with the altcoin worth around $23 million currently at risk of liquidation if the asset’s price were to reach $31.
This indicates strong bullish sentiment from traders, who expect short-term increases in the price of AVAX.
Further evidence that the market is due for some price recovery after AVAX’s recent dip can be gleaned from the liquidation pool.
Source: Coinglass
AVAX price tests a critical support level
The current price of the AVAX is testing a key support level at $25.13. After a significant 22% decline in the past week, the altcoin is building bullish momentum.
The coming days will be quite crucial for the AVAX as the altcoin price must remain at this level otherwise it could fall further.
However, if support holds, all will not be lost as the chances of a successful reversal will increase.
Source: Tradingview
Will whale activity cause a price rebound?
While whale activity is increasing, AVAX’s price action has been quite subdued over the past 24 hours.
Read Avalanche [AVAX] Price forecast 2024–2025
Large trades could push AVAX’s price higher soon, but given the current situation, it will take more than whale activity to achieve a sustainable price recovery.
Currently, all eyes are on whether the price can rise to the $31 level, where significant liquidation pools are expected to be tapped.
