Avalanche [AVAX] has seen a significant uptrend, with a 32% increase since revisiting the $39 support level.
The digital currency has experienced a 19% surge in the past 24 hours alone, indicating a rising interest and confidence among investors.
These gains have pushed AVAX closer to challenging its crucial $65 resistance barrier, a level it has not breached since mid-March.
Significant Movement by AVAX Whales
The recent price surge of AVAX has been accompanied by a notable uptick in the volume of large transactions on the network, jumping by a remarkable 298% to 797 million in the last day.
This trend underscores the positive sentiment surrounding the digital asset.
Increased Accumulation and Profitability
The strong buying pressure on AVAX is also evident in the rising number of active addresses on the network, which has surged by 23% over the past 24 hours, indicating increased trading activity.
Notably, around 80% of all AVAX addresses are currently in profit, suggesting that a significant portion of investors in the Avalanche market stand to benefit from the recent price rally.
With the token inching closer to the $65 weekly resistance level, profitable holders may opt to cash in or wait for further potential gains, both of which could impact the price movement.
As the bullish momentum builds up, attention is focused on the challenging $65 weekly resistance level, which has historically posed a strong barrier for AVAX.
A successful breakthrough at this level could pave the way for higher price levels, potentially driving the digital asset to achieve new all-time highs.
Potential for Extended AVAX Upward Momentum
From a technical perspective, AVAX has displayed impressive price performance recently.
The ability of the digital currency to retest the $39 support and rebound strongly underscores the resilience of market participants.
Moreover, with the rising number of large transactions and active addresses, it appears 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 increasing large transactions and active addresses, suggests a positive trajectory for the digital asset.
However, the stochastic RSI signal is currently in the overbought zone, indicating the possibility of short-term price corrections.