AVAX Faces Critical $25 Support as Whale Activity Surges Following Kite AI Launch in Avalanche Ecosystem
The post AVAX Faces Critical $25 Support as Whale Activity Surges Following Kite AI Launch in Avalanche Ecosystem appeared on BitcoinEthereumNews.com.
AVAX recently tested a crucial $25 support level amidst a surge in whale transactions following Kite AI’s groundbreaking AI-focused Layer 1 launch. The Avalanche ecosystem is experiencing significant developments, notably the launch of Kite AI, which could redefine decentralized AI applications. “The influence of the development is evident by AVAX’s large player activity,” remarked a COINOTAG analyst. AVAX tests key $25 support as whale transactions surge with Kite AI’s Layer 1 launch, signaling potential price movements in the Avalanche ecosystem. Significant Testing of Support Levels for AVAX Currently, Avalanche [AVAX] is witnessing intense market activity as it tests a critical triangle support level around the psychological $25 mark on the weekly charts. The heightened trading activity suggests that market participants are closely monitoring this pivotal price point for signs of a potential rebound. Should AVAX maintain its position above the $25 level, there could be a notable upcoming surge in price, considering the increasing buying momentum observed during recent dips. As investors remain vigilant, this juncture could serve as a turning point for the altcoin. Source: TradingView Surge in Whale Transactions Signals a Bullish Outlook Remarkably, AVAX has seen a substantial increase in large transactions, with whale activities surging by 90% in just 24 hours up until the latest report from IntoTheBlock. This spike in transaction volume aligns with a broader bullish outlook for the Avalanche network, suggesting optimistic sentiment among significant market players. As historical patterns indicate, such an upswing in whale movements often precedes notable price shifts. In addition to this, the trading volume is being further amplified by a rise in active addresses as traders adjust their positions in anticipation of a potential rally for AVAX. Source: IntoTheBlock This evolving on-chain activity underlines that maintaining support at the $25 level is essential for AVAX. Should buying pressure…
Filed under: News - @ February 9, 2025 7:10 am