Avalanche Leads Ethereum in Whale Boost, Will AVAX Price Follow?

Avalanche whales are actively engaged in transactions in the broader cryptocurrency space. Over the last 24 hours, Avalanche (AVAX) whales have maintained an active lead, with a surge in transaction volume of 189%. This suggests intense activities as large holders move AVAX.

Avalanche whale activity shifts market sentiment

According to IntoTheBlock data, this surpasses the volume of transactions on higher-ranked crypto assets, such as Ethereum and Cardano, within the same time frame. While Ethereum (ETH) whales have managed to increase transaction volume by 114%, Cardano whales are experiencing a decline.

Cardano whale activity has declined by 9% within this period. This indicates that large holders in the Avalanche and Ethereum ecosystems are comparatively more active.

Notably, these figures only account for transactions that are worth $100,000 or more, either by institutional participants or whales. The massive surge by 189% for AVAX and ETH could be either a buy or a sell move.

With the increased whale activity, market participants anticipate that this might catalyze a reversal in price

In the last seven days, AVAX has shed 5.06% as it continues to battle bearish pressures. As of press time, Avalanche was trading at $17.26, representing a 3.45% decline over the last 24 hours.

What to watch next if AVAX rebounds

AVAX's previous attempt to reach the $20 zone was rejected at $18.25. However, with the rekindling of whale action, Avalanche might ride on the wave to new heights. Technical indicators suggest that if AVAX can climb and hold steady above $18, it stands a good chance of a possible breakout.

Given the price fluctuations over the last 30 days, market participants anticipate a moderate price increase. If AVAX reaches $20 and finds support at this level, it will represent appreciable growth. The highest price Avalanche has managed to get within this period was $22.45, before it began its downward plunge.