- AVAX has surged over 32% since retesting the crucial $39 support.
- Increased large transactions and active addresses hinted at a potential breakout above the $65 resistance level.
Avalanche [AVAX] is among the top gainers recently, climbing 32% since retesting the $39 support level.
The altcoin has surged by 19% in the last 24 hours alone, reflecting growing interest and confidence among investors.
These gains position AVAX close to testing its critical $65 resistance level, a price level that it has not breached since mid-March.
AVAX whales make moves
AVAX’s recent surge in price has been accompanied by a significant increase in the number of large transactions on the network, which have surged by a staggering 298% to 797 million in the last 24 hours.
This further reinforces the bullish sentiment around the altcoin.
Source: IntoTheBlock
Accumulating addresses and profitability
AVAX’s strong buying pressure is also reflected in the increasing active addresses on the network. The altcoin number of active addresses has surged by 23% over the last 24 hours, signaling increased trading activity.
Source: IntoTheBlock
Notably, about 80% of all AVAX addresses were in profit at the press timeprice, according to IntoTheBlock data. This suggests that a large portion of the Avalanche market participants stand to gain from the altcoin’s recent rally.
As the token approaches the $65 weekly resistance, profitable holders may either choose to take gains or hold out for further upside, both of which will influence price action.
Source: IntoTheBlock
As the bullish momentum piles up, all eyes are on the $65 weekly resistance level, which has proven to be a formidable hurdle for AVAX in the past.
If the price manages to break this level, it will open a path towards higher prices that could propel the altcoin to new all-time highs.
A continued AVAX rally?
Technically, AVAX has shown some pretty impressive price action of late.
The altcoin’s ability to retest the $39 support and rebound strongly highlights the resilience of market participants.
Besides, with the number of large transactions and active addresses continuing to climb, it appears that both institutional and retail investors alike are beginning to realize the Avalanche ecosystem’s long-term potential.
Source: TradingView
Read Avalanche’s [AVAX] Price Prediction 2024–2025
The recent AVAX price surge, complemented by the surging large transactions and active addresses, paints an attractive picture of the altcoin’s bullish trajectory.
However, the stochastic RSI is at an overbought zone, indicating that price corrections may be witnessed in the short run.
