AVAX Large Transactions Surge 340% – Are Whales Buying?

Whales Signal Bullish Momentum for Avalanche (AVAX) in Ongoing Bull Run

As the cryptocurrency market experiences a strong bull run, recent data reveals that whales are increasingly accumulating Avalanche (AVAX). This significant whale activity could be a bullish indicator for AVAX, suggesting that it might soon follow the upward trajectory seen across most major cryptocurrencies.

Why Is the AVAX Price Rising?

On November 9, 2024, Avalanche‘s large transaction volume soared by 338% in just 24 hours, according to data from on-chain analytics firm IntoTheBlock. The spike in large transaction volume — a metric tracking significant trades by whales and institutional investors — is a positive sign in the current bull market. This heightened activity hints at growing confidence among major players in AVAX’s potential.

Moreover, a detailed analysis of AVAX’s market indicators by IntoTheBlock further signals bullish momentum. Notably, the surge in large transactions coincides with AVAX approaching a key resistance level, which, if breached, could set the stage for an even stronger rally.

Avalanche (AVAX) Technical Analysis and Key Levels

Technical analysis suggests that AVAX is approaching a significant resistance level near $30. Historically, this level has been a point of selling pressure, with AVAX seeing price pullbacks after touching it multiple times since June 2024. Despite previous reversals at this level, the current market sentiment suggests that AVAX might have the strength to break through this barrier this time around.

If AVAX closes a daily candle above the $31.20 level, analysts project a possible rally of up to 35%, potentially pushing the price towards $42 in the coming days. Currently, AVAX is trading above its 200-day Exponential Moving Average (EMA) on the daily chart, which supports the notion of an uptrend. Additionally, a golden crossover on the four-hour chart indicates a possible upside rally soon.

Current Price Momentum and Market Interest

As of the latest data, AVAX is trading around $28.80, reflecting a 3.15% price increase in the last 24 hours. Despite this gain, AVAX’s trading volume has dropped by 10%, indicating lower trader activity compared to previous days. Meanwhile, open interest for AVAX has risen by 5.9% over the same period, suggesting that traders are opening new positions as they anticipate future price movements.

Key Takeaways for AVAX Traders

• AVAX’s large transaction volume surged by 338%, hinting at increased whale activity.
• AVAX is approaching a critical resistance level at $30, with potential for a 35% gain if broken.
• The current trend is supported by AVAX trading above the 200 EMA and a golden crossover on the four-hour chart.
• Open interest is rising, indicating heightened interest from traders.

In summary, AVAX’s strong technical indicators and recent whale activity suggest that it may be on the brink of a significant price movement, positioning it as a crypto asset to watch during this bull run.