Avalanche (AVAX) has appreciated by an impressive 10% in the past 48 hours, going above the key support level at $29.22. This rise has interested both new and experienced traders, and it has also made people more interested in the cryptocurrency market.
The most current news says that AVAX wants to reach $31 as its next important support level. If the current trend of going up keeps going, this could mean more gains.
Analysts say the significant increase in trades worth more than $100,000 a remarkable $713.98 million in just one week is proof that “whales” are dealing more. Changes like these usually happen before major price changes. This means that Avalanche will soon go up in price.
AVAX Holder Profitability Increases
Also, holder profitability has gone up by a noticeable 7.69%, which means that fewer people are selling because more investors are now in profitable situations. The percentage of AVAX tokens held by large holders is still high (72%), which shows how much power these “whales” have over price changes.
To learn more about how people feel about the market, Santiment data shows that there have been spikes in social volume, which means that people are talking and engaging with Avalanche more. Historically, these kinds of price jumps have been linked to more price fluctuations and possible price increases. This makes people more optimistic about AVAX’s future price path.
The AVAX ecosystem has also continued to see a lot of development. Improvements and new ideas are always being added, which gives long-term investors more trust. This ongoing dedication to making the AVAX platform better is a good sign for its durability and appeal in the competitive crypto world.
Aside from experts say Avalanche needs to break through the strong $31 level of resistance before it can keep going up. The list of liquidations on Coinglass’s graph shows that the market may have more liquidations than it does now. It’s possible that this will speed up AVAX’s rise.
Furthermore, AVAX’s recent rise, which was caused by more whale activity, strong growth efforts, and more interest from the community, looks good for the future of the company. Traders and analysts are all keeping a close eye on Avalanche to see if it can break through key support levels and make its position in the cryptocurrency market stronger.
