AVAX Price Rises 24% as Whale Transactions Surge
by Oliver Dale · BlockonomiTLDR
- AVAX experienced a 24% price increase in 48 hours, reaching a critical $28 support level
- Whale activity increased by 49%, with trading volume up 14%
- Large liquidation pool of 563K AVAX exists at $26.73 level
- Previous symmetrical triangle support being tested as potential resistance
- Market shows mixed signals between positive sentiment and retracement risks
Avalanche (AVAX) has recorded a 24% price increase over the past 48 hours, bouncing from the $22 price level to test a crucial support zone near $28.
The movement comes amid increased whale activity and rising trading volumes, though technical indicators suggest potential resistance ahead.
The price surge began at the $22 mark, with AVAX showing strong upward momentum that pushed it toward the $28 level.
This price point represents a previous symmetrical triangle support level, which market analysts are now watching closely as it could transform into a resistance zone.
Data from IntoTheBlock reveals a notable 49% increase in whale activity during this period. These large-scale market participants have shown renewed interest in AVAX, contributing to the upward price movement.
Additionally, trading volume has risen by 14%, indicating broader market participation beyond just whale activity.
The surge in whale transactions suggests a shift in market dynamics, with larger players taking more active positions in AVAX.
This increased activity from substantial market participants often precedes major price movements, though the direction isn’t always certain.
Looking at technical indicators, the price is currently testing a critical level that previously served as support within a symmetrical triangle pattern.
Market observers note that this level could potentially flip to resistance, which might impact the continuation of the current bullish trend.
Liquidation data from Coinglass presents an interesting dynamic, showing a substantial liquidation pool of 563,000 AVAX positioned at the $26.73 price level. This concentration of liquidation orders could create price pressure and potentially trigger a short-term retracement.
The presence of this large liquidation pool suggests that traders should remain cautious of potential price volatility around the $26.73 mark.
Market analysts indicate that this level could act as either support or resistance, depending on how the market responds to the increased whale activity and overall trading volume.
The recent price action has drawn attention to AVAX’s market structure, particularly the symmetrical triangle pattern that has formed. This technical formation is being closely monitored by traders as it often precedes continued directional movement.
Trading volumes have remained elevated throughout this period, indicating sustained market interest. The 14% increase in trading activity suggests broader market participation beyond just large-scale investors.
On-chain metrics paint a picture of increasing market engagement. The combination of rising whale activity and growing trading volumes suggests genuine market interest rather than artificial price movement.
The $28.16 price level has emerged as a key technical point, with traders watching for either a breakthrough or rejection at this mark.
A decisive move above this level could support continued upward momentum, while rejection might lead to the short-term retracement suggested by the liquidation data.
Current market conditions show a mix of bullish and cautionary signals. While whale activity and volume metrics support positive sentiment, the technical resistance and liquidation levels present potential hurdles.
The price movement has maintained steady momentum since bouncing from the $22 level, though the approach toward previous support levels has introduced new technical factors to consider.
Traders and investors are monitoring whether the current support level at $28 will hold or whether the market will see a pullback toward the large liquidation pool at $26.73.
The most recent data shows AVAX testing the critical $28 support level, with ongoing whale activity and elevated trading volumes continuing to influence price action.