Last month, inflationary pressure caused the price of AVAX to plummet to historic lows. The overall market sentiment is still negative, as BTC‘s loss of the $27,000 level dashed hopes of a general uptrend. On the other hand, AVAX continues to linger near its bottom during this bear season.
AVAX Coin Predictions
Avalanche (AVAX) bulls fought to maintain the $10 level amid selling pressure caused by the unlocking of a $100 million token on August 26th. On-chain data provides some insights into possible future uptrends. The IntoTheBlock chart below shows that net inflows to the wallets of large investors increased this week. On August 31st, inflows reached a two-month high with 2.46 million AVAX.
The above chart shows that this group of millionaire Avalanche investors made significant efforts to absorb the selling pressure following the token unlocking event on August 26th. This indicates that the price may now be able to recover in the medium term, as the selling pressure is being countered by someone.
AVAX Coin Price Predictions
After plunging into the depths of the negative zone with a sentiment score of -2.56, the weighted sentiment has recovered to -0.5 in recent days. The chart below clearly illustrates this sharp fluctuation. This metric, which deepens below zero with increasing negative comments, also supports price losses. However, the recent 2-point recovery is considered positive.
If the group with a significant investment mentioned in the first section continues to stay strong, the price can remain above $9 under current conditions. There are over 77,000 investors who purchased 3.17 million AVAX at the critical $9.83 level. This indicates that the region can remain a strong support.
If general FUD decreases and there is no significant unlocking this month, we may see the price of AVAX reach $13. The first obstacle in a potential uptrend is at the $11.6 level. This area can turn into a stronger resistance with profit-taking by those evaluating the bottom. However, the next move of Bitcoin, especially, will largely determine the fate of AVAX. Experts are concerned about a test towards $23,500.
