Avalanche whales are actively engaged in transactions in the broader cryptocurrency space. Over the last 24 hours, Avalanche (AVAX) whales have maintained an active lead, with a surge in transaction volume of 189%. This suggests intense activities as large holders move AVAX.
Avalanche whale activity shifts market sentiment
According to IntoTheBlock data, this surpasses the volume of transactions on higher-ranked crypto assets, such as Ethereum and Cardano, within the same time frame. While Ethereum (ETH) whales have managed to increase transaction volume by 114%, Cardano whales are experiencing a decline.
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Cardano whale activity has declined by 9% within this period. This indicates that large holders in the Avalanche and Ethereum ecosystems are comparatively more active.
Notably, these figures only account for transactions that are worth $100,000 or more, either by institutional participants or whales. The massive surge by 189% for AVAX and ETH could be either a buy or a sell move.
With the increased whale activity, market participants anticipate that this might catalyze a reversal in price.
In the last seven days, AVAX has shed 5.06% as it continues to battle bearish pressures. As of press time, Avalanche was trading at $17.26, representing a 3.45% decline over the last 24 hours.
What to watch next if AVAX rebounds
AVAX's previous attempt to reach the $20 zone was rejected at $18.25. However, with the rekindling of whale action, Avalanche might ride on the wave to new heights. Technical indicators suggest that if AVAX can climb and hold steady above $18, it stands a good chance of a possible breakout.
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Given the price fluctuations over the last 30 days, market participants anticipate a moderate price increase. If AVAX reaches $20 and finds support at this level, it will represent appreciable growth. The highest price Avalanche has managed to get within this period was $22.45, before it began its downward plunge.
