Avalanche Whales Drive Activity in Cryptocurrency

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.

Market Sentiment Shift Due to Whale Activity

According to IntoTheBlock data, this surge surpasses the transaction volume of higher-ranked crypto assets like Ethereum and Cardano within the same timeframe. While Ethereum (ETH) whales increased transaction volume by 114%, Cardano whales have seen a 9% decline.

These figures reflect only transactions worth $100,000 or more by institutional participants or whales. The significant surge in activity for AVAX and ETH could indicate either buying or selling moves.

With the increased whale activity, market participants believe this could trigger a reversal in price.

In the past week, AVAX has dropped 5.06%, amidst continued bearish pressures. As of the last update, Avalanche was trading at $17.26, marking a 3.45% decline over the past 24 hours.

Key Levels to Watch for AVAX Rebound

AVAX’s previous attempt to breach the $20 mark was halted at $18.25. However, with renewed whale activity, Avalanche might leverage this momentum to reach new heights. Technical indicators suggest that if AVAX can rise and maintain above $18, there’s a good opportunity for a breakout.

Given recent price fluctuations, market participants expect a moderate price increase. If AVAX can hit $20 and establish support at this level, it would signal significant growth. The highest price for Avalanche during this period was $22.45, before its downward trend began.