Avalanche (AVAX), once considered an Ethereum killer alongside Solana, has seen its price drop to one of the lowest levels in recent months following market declines. Despite this, its recovery has been equally swift. Bulls actively taking positions in AVAX are seen as a sign of market improvement.
Impact of AVAX Whales
Recently, the movements of whales in the Avalanche market have garnered significant attention. Accumulations by investors known as whales continue to reflect in the charts.
Considering the significant impact whales have on the market, their actions are believed to have a substantial effect on prices.
Accumulation moves in the market generally create a price increase, while mass sales can lower the price.
Examinations revealed that whale addresses purchased $139 million worth of AVAX. It is known that these upward movements by whales are generally made for long-term investment purposes.
On the other hand, the correlation between AVAX and BTC continues to draw attention, standing at an almost perfect level of 0.88. This correlation suggests that AVAX could potentially follow BTC’s price movements.
AVAX Price Predictions
Avalanche is currently trading at $29.67, and if the price rise continues, it could move towards the $31.15 resistance level. Surpassing and converting this level into support could be significant.
Historical data shows that this level has served as support for a long time.
After hitting the lowest level in a long time at $24.40, the AVAX price rebounded. This rebound, combined with BTC’s upward movement, could increase the likelihood of reaching the $31 level.
However, the high volatility and uncertainty in the market could trigger a downward movement. If BTC prices fall again, AVAX could follow, potentially dropping to the $20 region if the $24.40 support level is lost.
