Avalanche whales are active in transactions in the broader cryptocurrency space. Over the past twenty-four hours, Avalanche whales ($AVAX ) have maintained their active lead, with a 189% increase in transaction volume. This indicates intense activity as major holders of #AVAX are moving it.
The activity of Avalanche whales is changing market sentiment.
According to data from Into The Block, this transaction volume surpasses that of top-ranked cryptocurrencies, such as Ethereum and Cardano, during the same timeframe. While Ethereum whales ($ETH
) With a 114% increase in transaction volume, Cardano whales are seeing a decline.
The activity of Cardano whales has decreased by 9% during this period. This indicates that major holders of cryptocurrencies in both the Avalanche and Ethereum ecosystems are relatively more active.
It is worth noting that these figures only include transactions valued at $100,000 or more, whether by institutional participants or whales. The massive increase of 189% for the currencies $AVAX and #ETH could either be a buying or selling movement.
With increasing whale activity, market participants expect this to lead to a price reversal.
Over the past seven days, the price of AVAX has decreased by 5.06% as it continues to face downward pressure. At the time of publication, the price of #Avalanche was trading at $17.26, representing a decrease of 3.45% over the past 24 hours.
What to watch for next in case AVAX rebounds?
The previous attempt by AVAX to reach the $20 area was rejected at $18.25. However, with renewed whale activity, Avalanche may rise to new levels. Technical indicators suggest that if AVAX can rise and hold above $18, there is a good chance for a price breakout.
Given the price volatility over the past thirty days, market participants expect a moderate increase in price. If Avalanche reaches $20 and finds support at this level, it would represent significant growth. The highest price reached during this period was $22.45, before it began its decline. #REX-OSPREYSolanaETF #DYMBinanceHODL