Avalanche [AVAX] has experienced a significant increase in value, rising by 32% after testing the $39 support level.
In the past 24 hours alone, this altcoin has seen a 19% surge, indicating a growing interest and confidence among investors.
These gains place AVAX on the brink of challenging the crucial $65 resistance level, a point it has not crossed since mid-March.
AVAX Whales Activity
The recent price surge of AVAX has coincided with a notable rise in large transactions on the network, which have surged by an astounding 298% to reach 797 million in the last day.
This trend further reinforces the positive sentiment surrounding the altcoin.
Growth in Active Addresses and Profitability
The strong upward pressure on AVAX is also evident in the increasing number of active addresses on the network, which has jumped by 23% in the past day, indicating a rise in trading activity.
Interestingly, around 80% of all AVAX addresses are currently in profit, according to data from IntoTheBlock. This indicates that a large segment of Avalanche market participants could benefit from the recent rally of the altcoin.
As AVAX nears the $65 weekly resistance level, profitable holders might opt to take profits or wait for further gains, actions that could impact the price movement.
With the bullish momentum building up, all attention is now focused on the $65 weekly resistance level, a level that has historically posed a strong challenge for AVAX.
If the price successfully breaches this level, it could pave the way for higher prices, potentially pushing the altcoin to new all-time highs.
The Future of AVAX Rally
From a technical perspective, AVAX has demonstrated impressive price movements recently.
The altcoin’s ability to revisit the $39 support level and recover strongly showcases the resilience of market participants.
Moreover, with the increasing number of large transactions and active addresses, it seems that both institutional and individual investors are starting to recognize the long-term potential of the Avalanche ecosystem.
The recent surge in AVAX price, coupled with the rising number of large transactions and active addresses, portrays a positive outlook for the altcoin’s upward trajectory.
However, the stochastic RSI indicator is currently in the overbought territory, suggesting the possibility of price corrections in the near term.