Ethereum whales make massive moves: Is this your cue to buy ETH?
- AVAX has seen its active addresses rise by 34.46% recently.
- The key support at $19.48 could initiate a reversal.
Avalanche [AVAX] has recently had an upturn in on-chain activity, which might indicate renewed investment interest in the altcoin.
AMBCrypto’s look at Coinglass’ data indicated a 34.46% surge in active AVAX addresses, indicating that more investors had started using the Avalanche network.
Source: IntoTheJacket
AVAX large transactions on the rise
The aforementioned increase in active addresses was also accompanied by a 9.45% growth in large transactions. This often signifies whales or institutional investors’ heightened presence in the market.
As both retail and whales continue to rise, it indicates that a wide range of AVAX holders are participating.
Source: IntoTheBlock
The AVAX Long/Short Ratio indicated a balanced market, with positions ranging around 50%. This balance, coupled with recent increases in on-chain activity, indicates a market at a decision point.
This point of indecisiveness could potentially set the stage for volatility if a clear trend emerges.
Source: Coinglass
AVAX approaches critical support level
AVAX’s price has been under stress recently. In particular, the token was consolidating above the key support level at $19.48. Historically, this point has provided solid ground during past declines.
Source: TradingView
Setting the stage for a potential reversal
One AVAX crosses a critical support and on-chain activity surges, a mix of events can occur. Once $19.48 holds, the price can skyrocket to $25 and beyond.
The fact that network engagement is increasing means there are demands lying underneath that can support such an eventuality.
Realistic or not, here’s AVAX market cap in BTC’s terms
Recent price struggles notwithstanding, increased on-chain activity represented a ray of hope for bulls. An emerging support level of $19.48 will draw the line in the sand.
Should this level hold and on-chain momentum persist, AVAX may be entering a trend reversal.
