Avalanche (AVAX) Surges 10%, Whale Activity Hints at Bullish Rally

Avalanche [AVAX] has surged by over 10% in the last 48 hours. This significant bullish momentum managed to breakout over the key resistance level at $29.22.

Avalanche (AVAX) price surged by over 10% in the last 48 hours. This significant bullish momentum managed to breakout over the key resistance level at $29.22. The price action has caught the market’s attention.

At press time, AVAX was eyeing the $31 ranging channel support level as its next significant target. If the resistance level is broken over, then AVAX will be set for a bullish rally to higher levels.

Source: TradingView

Whale activity paints a bullish picture

According to AMBCrypto’s analysis of IntoTheBlock data, large transactions have significantly increased. In fact, $713.98 million worth of AVAX transactions exceeding $100,000 were traded in the past seven days.

This surge in whale activity often precedes significant price movements.

Holder profitability also surged by 7.69%. This indicated reduced selling pressure, as more holders found themselves in profit. 

The concentration of tokens in large holders’ wallets also remained high at 72% at press time, indicating a significant whale influence on price movements.

Source: IntoTheBlock

Avalanche ecosystem growth?

AMBCrypto further analyzed Santiment’s data to evaluate social and development activities. Notably, the Social Volume data showed several spikes, indicating growing interest and discussion within the crypto community.

This increased Social Volume often correlates with price movements and leads the way to further price gains.

Development Activity remained consistently high as well. This correlated with the ongoing improvements to the AVAX ecosystem.

This sustained effort is a positive sign for long-term investors, as it indicated continued token innovation and progress.

Source: Santiment

Liquidation adds to rally

AMBCrypto’s look at the liquidation heatmap data via Coinglass indicated a concentration of liquidation levels above the current price level.

This suggests that a move above these levels could fuel market liquidations, potentially accelerating AVAX’s upward momentum.  

Source: Coinglass

Realistic or not, here’s AVAX market cap in BTC’s terms

AVAX’s increased whale activity and consistent development activities, all suggested a potential bullish rally.

However, the $31 resistance level could prove to be a significant roadblock in AVAX’s hopes.

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