- AVAX has broken a major resistance by registering a surge of 10% in just 48 hours.
- Metrics show a positive trend.
Avalanche [AVAX] Over 10% has increased in the last 48-hours. Despite the significant momentum, this bullish breakout managed to surpass the important resistance level of $29.22. Market attention has been drawn to the price movement.
AVAX had set its sights on the channel support levels of $31 and above. next Significant target as of press time. AVAX is on a rally towards higher levels if AVAX breaks the resistance.
A bullish view of whale activity
AMBCrypto says that IntoTheBlock’s data shows a significant increase in large transactions. In fact, AVAX transactions above $100,000 worth $713.98 millions were traded over the last seven days.
This increase in whale activities often occurs before significant price changes.
Profitability for holders also increased by 7.69%. The result was a reduction in the selling pressure as more holders were now profiting.
As of press time, the concentration of tokens held by large holders remained at 72%. This shows a strong influence from whales on market movements.
Avalanche ecosystem growth?
AMBCrypto then analyzed Santiment’s data for social and developmental activities. Social Volume showed spikes in several areas, which indicated an increase in interest and conversation within the cryptocommunity.
The increased social volume often correlates to price changes and can lead to even more price increases.
Also, the level of development activity remained constant. The AVAX eco-system has been continuously improved.
The sustained efforts are a good sign for investors who want to invest in the long term, because they indicate continued innovation and progress.
Liquidation is a rallying factor
AMBCrypto analyzed the heatmap of data for liquidation via Coinglass and found that the concentration was above the price at which the coin is currently trading.
A move over these levels would likely fuel liquidation, potentially increasing AVAX’s upward momentum.
Here’s a list of realistic and not-so-realistic images. AVAX market cap in BTC’s terms
AVAX’s consistent and increased development activity, as well as its increasing whale activities all pointed to a possible bullish rally.
AVAX may find it difficult to overcome the $31 barrier.
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Source: ambcrypto.com