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AVAX Whale Activity Surges 80% in 24 Hours – Reasons Behind This Growth
In a surprising turn of events, the whale activity in Avalanche (AVAX) has skyrocketed by an astonishing 80% within just 24 hours. This sudden surge in activity has led many to speculate about the underlying factors driving this trend.
One possible explanation lies in AVAX’s network activity, which has also seen a significant increase. The number of active addresses has been steadily rising, indicating growing interest in the Avalanche ecosystem. This heightened interest can be attributed to recent on-chain developments, such as new partnerships or network improvements, which have instilled confidence among investors.
The altcoin market is also undergoing a shift in sentiment, with many investors turning their attention towards alternative cryptocurrencies like AVAX in search of higher returns. As Bitcoin (BTC) and Ethereum (ETH) become increasingly strong, the spotlight has turned to other digital assets that may offer better investment opportunities.
From a technical standpoint, AVAX’s recent price action has also been painting a picture of a potential bullish reversal structure on its daily chart. The altcoin’s prices have been fluctuating around a key demand zone, where historically buying pressure outweighs selling pressure, typically signaling a trend reversal. Furthermore, the Relative Strength Index (RSI) and Moving Averages are hinting at a change in market dynamics.
If AVAX can manage to maintain its current momentum and breach key resistance levels, a complete bull reversal may be on the horizon.
Source: https://ambcrypto.com/avax-whale-activity-surges-80-in-24-hours-reasons-behind-this-growth/
