Main menu


Crypto Whales Buy $52M of AVAX: Price Impact

The Avalanche (AVAX) stock price recently saw a notable decline on the daily chart, falling below $50. Despite this decline, there is a groundswell of optimism from a large group of investors that could spur the recovery.

avalanche Attracts crypto-whales

The outlook for Avalanche (AVAX) has become increasingly positive, thanks to significant interest from cryptocurrency whales – investors who own between $1 million and $10 million worth of AVAX. Collectively, these whales have added nearly $52 million in AVAX, worth over $2.1 billion, in just three days since early April.

Their significant investments clearly indicate their confidence in the upside potential of the asset's price.

Avalanche Whale
AVAX WHALES HOLDINGS. Source: In the block

Additionally, Avalanche stands out from the broader cryptocurrency market. Its correlation with Bitcoin is 0.17, indicating that while it may still follow broader market trends, its price movements will not be closely tied to Bitcoin's volatility.

👈Read more: What is the AVAX Coin project? Will it compete in 2024?

This independence could pave the way for significant gains. In fact, a high correlation indicates that the altcoin will mirror Bitcoin's price movements, while a low or negative correlation indicates a more independent price movement.

Avalanche link to Bitcoin.
Connecting Avalanche to Bitcoin. Source: In the block

AVAX Price Prediction: Another Rise

Taking these factors into account, he can attest Avalanche prices Up 23.5% from its current price of $47.32, potentially hitting $60. This level sits just above the yearly high of $65.

However, to achieve this goal, AVAX must be able to overcome multiple resistance levels at $50, $53, and $58. The $53 mark, in particular, is a crucial hurdle that has been tested repeatedly.

👈Read more: Buy AVAX Coins: Three Ways to Find Out

AVAX/USDT 1-day chart.
Avalanche price chart. Source: Trading View

If Avalanche (AVAX) struggles to break through these resistance levels, especially the $53 mark, it could lose its bullish momentum and witness a reversal in its uptrend. This scenario would invalidate the optimistic forecasts and could cause the price to fall below $50.

Best Cryptocurrency Trading Platforms

Of confidence


All information published on our website is offered in good faith and for general information purposes only. Therefore, any action, behavior or decision taken by the reader in accordance with this information is solely the responsibility of itself and its affiliates individually, and the site assumes no legal responsibility for such decisions.

تحليلات,أفالانش,العملات الرقمية,العملات المشفرة