The overall cryptocurrency market sentiment appears negative, amid this, Avalanche (AVAX) has gained significant attention from investors and whales, as reported by the on-chain analytics firm IntoTheBlock.
Large Transactions Volume Soars by 71%
Data from IntoTheBlock reveals that the large transaction volume on AVAX has surged by 71.09% in the past 24 hours.
This significant rise in transaction volume indicates heavy participation from whales, who have also shown strong interest and confidence in the token. This could create substantial buying pressure and drive further upside momentum.
Additionally, data from the on-chain analytics firm Coinglass’s spot inflow/outflow reveals that exchanges have experienced an outflow of a significant $5.15 million worth of AVAX. This suggests that whales and investors are taking advantage of the recent price decline and have been continuously accumulating.
AVAX Price Action and Key Levels
However, this volume from the on-chain analytics firm and the significant outflow occurred when the AVAX price reached a crucial support level of $36, where the altcoin previously gained a 25% rally. In addition to the horizontal support, AVAX is also receiving support from the 200 Exponential Moving Average (EMA) on the daily time frame.
Since De