The post Avalanche [AVAX] Shows Signs of Potential Growth Amid Whale Activity and Increasing Demand appeared on BitcoinEthereumNews.com.

Avalanche (AVAX) is experiencing a pivotal moment, with recent data suggesting a surge in transaction sizes and ongoing whale activity that may dictate the asset’s future movement. The current market dynamics indicate that despite a substantial price increase over the past month, the asset’s ability to maintain upward momentum hinges on the participation of large investors and ongoing demand. According to COINOTAG, analysts emphasize that the impending price action for AVAX will depend heavily on the strategies adopted by whale investors who control a significant portion of the supply. This article explores the recent surge in Avalanche (AVAX) transaction volumes and whale activities, signaling potential upward price movements as key investors engage. Surge in AVAX purchases Avalanche (AVAX) has seen a significant spike in its average transaction size, with the figure soaring to $3,687.7 in the past 24 hours and maintaining a seven-day average of $2,935.71. This trend suggests that traders are purchasing larger quantities of AVAX per transaction, indicating a potential increase in demand that could drive the asset’s value and contribute to price surges. The average transaction size this week has been the highest since early November, particularly on December 8, when a massive spike coincided with continued price growth. Source: IntoTheBlock Notably, this increase in transaction value occurred despite a slight decline in active addresses—market participants engaging with AVAX—by 1.23%. Typically, a drop in active addresses correlates with a price decrease, yet AVAX has defied this pattern. Further analysis by COINOTAG highlighted that whales, or large-scale investors, played a major role in driving AVAX’s recent price movements, reflecting their substantial impact on the market. Whales maintain a strong presence According to IntoTheBlock, whale activity in the AVAX market has grown by 0.25% over the past 24 hours, indicating their continued influence. Whales are defined as addresses holding…

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Filed under: News - @ December 8, 2024 9:12 am