AVAX Whale Activity Declines

AVAX whale activity has slowed down, leading to reduced large transaction volume and price consolidation.
Dropping to the $22 support level could provide the needed accumulation for a potential trend reversal.

Avalanche’s AVAX whale activity has diminished since the beginning of this month.

Large transactions, known to influence prices, have significantly decreased, causing AVAX to consolidate below a key trendline resistance since February 6th.

The inactivity of large players raises concerns about the token’s short-term trajectory. Is a further decline to the $22 support level imminent?

AVAX Price Consolidation Under Key Resistance

AVAX has been under a major trendline resistance, indicating a lack of bullish momentum. Historically, notable price movements follow such consolidation periods. With declining whale activity, the token may face challenges in breaking this resistance.

Instead, it might retest lower support levels, with $22 being a crucial zone. This level has served as a reliable buildup area, potentially gaining enough bullish momentum to alter the trend.

Could $22 Enable a Bullish Revival?

Should AVAX fail to generate enough buying pressure to breach the trendline resistance, a descent to $22 could be forthcoming. This zone might serve as an accumulation point for significant investors.

For AVAX to shift its trajectory, it must accumulate substantial bullish momentum, and $22 seems to be the closest launchpad for a bullish turnaround.

While current market conditions hint at a possible drop to $22, patience is essential. This could represent a reversal zone for AVAX, enabling buyers to take long positions and drive prices upward.