AVAX Whale Activity Surges by Over 80%

Avalanche (AVAX) is making bullish strides recently, with activity surging by over 80% in the last 24 hours, according to IntoTheBlock reports.

The bullish sentiment is backed by the altcoin’s rising trading activity, evident from its increasing active addresses. Is this the start of a bullish reversal for AVAX?

AVAX Showing Signs of Recovery?

At the same time, AVAX’s latest price surge was accompanied by a significant boost in network activity. The number of active addresses has grown, indicating increased interest in the Avalanche network. This could be attributed to recent on-chain developments such as new partnerships or network improvements, which have bolstered investor confidence in the ecosystem.

The general altcoin market bias aligns with the current AVAX developments. Altcoins, in general, are receiving increased attention, signaling a potential shift in sentiment. With Bitcoin (BTC) and Ethereum (ETH) strengthening, investors may turn to altcoins like AVAX for higher returns.

Bearish Momentum Fades

Technically, AVAX is showing a potential bullish reversal structure on the daily chart. The altcoin’s prices are fluctuating around a key demand zone, where historically buying pressure has outweighed selling pressure—often a trend reversal signal.

The declining bearish momentum is a positive sign. Technical indicators like the Relative Strength Index (RSI) and Moving Averages are indicating that market dynamics might be changing. If AVAX can hold its current momentum and break through key resistance points, a complete bullish reversal might be on the horizon.

Is the Anticipated Breakout Finally on Cards?

This combination of growing network activity and strengthening technical indicators provides a bullish bias for AVAX. If AVAX can sustain its current trajectory, it can attract even more traders and investors, further driving its growth. The crucial question will be whether it can remain above significant support levels and maintain this momentum.