AVAX showed a significant price increase of 25% in the last 48 hours after breaking out from the uptrend pennant. The data reveals a significant reduction in large transactions and a decline in the whale-to-retail ratio for AVAX. Market analysts are closely monitoring these developments to predict possible future trends.
On June 29, AVAX broke out of the uptrend pennant and started a rapid price increase, rising 25% to $27.70 in just 48 hours. This sharp rise mobilized long position holders. However, AVAX quickly pulled back to $25 levels, which had previously served as a key resistance during the uptrend pennant formation.
Current Price Movements and Market Reactions
At the time of writing, AVAX is trading at $26.24, down a small 2.24% over the last 24 hours. This current price level shows that the $25 level, which previously worked as resistance, is now starting to function as a support. How AVAX interacts with the next support level at $24.49 will be critical to predicting future direction. A break of this support level could reveal the potential for further downside, while a stay above $25 could allow a move towards the resistance level at $29.22.
While price movements are trending upward, on-chain data paints a more complex picture. COINOTAG's analysis based on IntoTheBlock data shows that large transactions are down more than 45%. This decrease indicates that whale activities in the market have decreased. Data from Hyblock Capital shows the whale-to-retail investor ratio is 35.16%. This change indicates that retail investors are showing more interest compared to large market participants. Additionally, Coinglass liquidity heat map data shows significant sell orders at higher price levels, indicating that AVAX should see significant buying demand to offset these selling pressures.
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