AVAX Rally Ahead? Whale Transactions Surge 71%

AVAX Rally Ahead? Whale Transactions Surge 71%
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Large Transactions Volume Soars by 71%

Recent data from IntoTheBlock shows a remarkable 71.09% surge in the large transaction volume on AVAX in the past 24 hours. This sharp increase suggests that whales are taking a keen interest in the token, contributing to substantial buying pressure. As these large transactions accumulate, there is a potential for further upward momentum in AVAX’s price.

Additional data from Coinglass reveals a significant outflow of $5.15 million worth of AVAX from exchanges, further highlighting the active participation of whales. These investors seem to be capitalizing on the recent price decline, accumulating more AVAX in anticipation of future price growth.

AVAX Price Action and Key Levels

Despite the overall negative market sentiment, AVAX has found support at a crucial level of $36, which has historically been a strong price floor for the token. At this level, AVAX previously gained a 25% rally. In addition to horizontal support, the 200 Exponential Moving Average (EMA) on the daily chart is also providing crucial support for AVAX’s price action.

Since December 2024, AVAX has tested this support level multiple times, each time resulting in a rally of over 25%, with the price reaching as high as $44.50. These historical rallies could be contributing to the growing participation from whales, who may anticipate similar price action in the near future.

RSI Signal Indicates Potential Upside Rally

Looking at the Relative Strength Index (RSI) for AVAX, the token is currently nearing the oversold region, suggesting the potential for an upside rally. If AVAX maintains its position above the critical $35 support level, it could rise by 25%, targeting the $44 mark once again.

The combination of favorable technical indicators and strong whale participation points to a bullish outlook for AVAX in the near term, provided it holds above key support levels.

Current Price Momentum

At the time of writing, AVAX is trading around $36.35, experiencing a minor decline of over 2% in the past 24 hours. However, despite this price dip, AVAX has seen a 10% increase in trading volume during the same period. This uptick in trading volume indicates growing investor interest, signaling a potential shift in momentum as traders and whales become more active in the market.

Conclusion: Is AVAX Primed for an Upside Breakout?

With large transactions surging by 71%, key support levels in place, and RSI indicators signaling potential upside, AVAX is showing signs of bullish momentum. Whales seem to be positioning themselves ahead of a possible breakout, and investors are closely watching for any signs of further price rallies. If AVAX holds above its support levels, it could be poised for a significant rise in the coming weeks.