The post Avalanche: Here’s what can push AVAX to $65 soon appeared on BitcoinEthereumNews.com.

Recent on-chain data showed a sharp rise in AVAX’s average transaction size. Meanwhile, whale activity has been increasing steadily, suggesting that large holders may influence future price movements. Over the last month, Avalanche [AVAX] has achieved remarkable growth, rising by 93.58%. However, the pace has slowed, with the token posting a modest 3.77% gain over the past 24 hours. Despite these advances, analysis by AMBCrypto suggested that AVAX has not yet established a clear rally. Whale activity and other key factors will likely shape whether the asset can regain its momentum and approach the $65 mark. Surge in AVAX purchases 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 suggested that traders were purchasing larger quantities of AVAX per transaction. Such behavior points to a potential increase in demand, which could drive up the asset’s value and lead to a price surge. The average transaction size this week has been the highest since early November, particularly on the 8th of December, 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 transacting AVAX—by 1.23%. Typically, a drop in active addresses correlates with a price decrease, but AVAX defied this pattern. Further analysis by AMBCrypto highlighted that whales, or large-scale investors, played a major role in driving AVAX’s recent price movements, reflecting their 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 at least 1% of an asset’s supply. Their actions often have a significant…

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Filed under: News - @ December 8, 2024 9:11 am