Optimistic Sentiment Prevails Among Leading AVAX Traders on Binance with 80% Long Position Predictions at $50
At the time of publication, the outlook for Avalanche’s native token AVAX was positive, as the altcoin seemed ready for a significant upward trend according to market analysis. It had formed a bullish pattern on its daily timeframe amid a broader strength in the cryptocurrency market, which includes major players like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Majority of Top AVAX Traders Favor Long Positions
Amid this optimistic scenario, traders are showing great enthusiasm with a notable preference for long positions, as indicated by insights from the on-chain analytics provider CoinGlass.
Currently, Binance’s AVAX/USDT Long/Short ratio stands at 3.88, signaling a strong bullish sentiment among traders, with significantly more long positions than short ones.
Analysis demonstrates that 79.53% of the leading AVAX traders on Binance have opted for long positions, while the remaining 20.47% have taken short positions.
Exchange Outflows of $6.65 Million in AVAX
Supported by this positive sentiment, not only traders but also long-term holders are displaying a keen interest in AVAX. Recent data from CoinGlass’s spot inflow/outflow metrics suggests that exchanges experienced outflows totaling $6.65 million within the last 24 hours.
This significant movement of AVAX tokens from exchanges to wallets hints at potential accumulation by long-term holders. Such accumulation can bring in buying pressure, potentially leading to an upward trend in the token’s value.
AVAX Price Analysis and Important Thresholds
Technical analysis by CryptoCrypto reveals a bullish trend for AVAX following a breakout from a long-standing trendline since December 2024.
Previously facing resistance thrice, AVAX successfully breached the trendline, indicating a possible substantial uptrend. Maintaining its position above $40 could propel AVAX up by 23% to reach $50.50 in the near future based on historical trends and recent price movements.
Key Levels for Trader Liquidations
Traders are seemingly heavily leveraged at $39.24 and $41.64, according to CoinGlass’s exchange liquidation data
At these thresholds, long positions worth $7.90 million and short positions worth $5.70 million have been set up. Any significant price movement could lead to liquidation of these positions.