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- AVAX stock broke through a major resistance level with a 10% rise in 48 hours.
- The metrics indicated upward momentum.
Avalanche [AVAX] Gold price has risen more than 10% in the past 48 hours. This massive bullish momentum has managed to break through the key resistance level at $29.22. The price action has caught the attention of the market.
AVAX was targeting the support level at the $31 channel as the next important target at the time of writing. If the resistance level is broken, AVAX will see an upward surge to higher levels.
Source: TradingView
Whale activity paints a positive picture
According to AMBCrypto’s analysis of IntoTheBlock data, large transactions have increased significantly. In fact, AVAX has traded $713.98 million worth of transactions exceeding $100,000 in the past seven days.
This increase in whale activity often precedes large price movements.
Shareholder profitability also increased by 7.69%, meaning selling pressures decreased as more shareholders found themselves in profit.
The concentration of tokens in the wallets of large holders also remained high at 72% at the time of publication, indicating a significant whale influence on price movements.
Source: IntoTheBlock
Avalanche ecosystem growth?
AMBCrypto further analyzed Santiment’s data to assess social and developmental activities. Notably, the Social Volume data showed several spikes, indicating growing interest and discussion within the crypto community.
This increased social volume is often associated with price movements and paves the way for further price gains.
Development activity has also remained consistently high. This has been linked to ongoing improvements to the AVAX ecosystem.
This continued effort is a positive sign for long-term investors, as it indicates continued innovation and symbolic progress.
Source: Santiment
Filtering adds to the height.
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 lead to a market clearing, which could accelerate the upward momentum of AVAX stock.
Source: Coinglass
Realistic or not, here you go. AVAX Market Cap in BTC Terms
Increased whale activity on AVAX and ongoing development activities indicate a potential price rally.
However, the $31 resistance level could act as a major hurdle in AVAX’s hopes.
