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AVAX under heavy pressure: What will it do?
Popular layer-1 blockchain Avalanche (AVAX) could potentially experience a short-term surge if trading activities increase.
In recent days, while there has been movement in the crypto market, it is noteworthy that major altcoins have faced selling pressure. The inability of the leading altcoin Ether (ETH) to sustain above $4,000 has been a major reason for the outflows of money.
One of the major altcoins affected by turbulent market conditions is AVAX. According to on-chain data, a recent significant selling by whales has pushed AVAX into a potential support zone.
AMBCrypto reported that the bull-bear ratio on AVAX indicates that the decline will end soon.
AVAX held onto an important support level
Avalanche (AVAX), which experienced a sharp decline last week, has started to recover in recent days. AVAX gained nearly 3% in the last 24 hours.
According to IntoTheBlock data, the support level at $41 triggered the popular altcoin's upward trend. The purchases from this level contributed to a 25% increase. The analysis reported that the $41 support was protected by more than 150 wallets holding 8.93 million AVAX.
The analysis included the following statements;
“These levels play an important role in price movements because they attract significant buying interest. Buyers generally see these levels as an opportunity to purchase the asset at a favorable price.”
The recent market movements showed that AVAX formed two consecutive green candles after dropping to $41.32 and the price has since risen to $51.
Whales are creating opportunities for AVAX
According to on-chain data, whales made intense selling when AVAX dropped to $41. The analysis indicated that the whales started these sales on December 9th and sold 3.53 million AVAX worth $161 million during this period.
The recent drop of AVAX to the $41 support level was guided by large holders known as whales, who collectively own 1% of the token's supply and have been selling heavily.
Analysis recorded the following;
"Whales are selling, while retail investors are buying. This change of ownership allowed AVAX to regain momentum." **
AMBCrypto, stating that AVAX has reached a positive outlook, predicted that a major rally could occur if whales start accumulating AVAX again.
This article does not contain investment advice or recommendation. Every investment and trading transaction carries risk, and readers should conduct their own research when making decisions.