- AVAX has surged more than 32% since retesting the crucial $39 support.
- The large increase in transactions and increase in active addresses hinted that a break above the $65 resistance level is likely.
Avalanche (AVAX) was the top gainer, up 32% after recently retesting the $39 support level.
The altcoin has surged 19% in the past 24 hours alone, reflecting growing interest and confidence among investors.
These gains brought AVAX closer to testing the critical resistance level of $65, a price level that has not been violated since mid-March.
AVAX whale moves
AVAX’s recent price surge has been driven by a significant increase in the number of large transactions on the network, which has surged 298% to 797 million in the last 24 hours.
This further strengthens the optimistic sentiment surrounding altcoins.
Address and profitability accumulation
AVAX’s strong buying pressure is also reflected in the network’s increase in active addresses. The number of active addresses for altcoins has surged by 23% in the last 24 hours, indicating increased trading activity.
Notably, according to IntoTheBlock data, approximately 80% of all AVAX addresses were profitable as of press time. This means that a significant portion of Avalanche market participants could benefit from the recent rise in altcoins.
As the token approaches the weekly resistance of $65, profitable holders can either take profits or hold on for further upside, both of which will impact the price action.
As bullish momentum builds, all eyes are on the resistance level of $65 per share, which has proven to be a huge hurdle for AVAX in the past.
If the price breaks through this level, it will pave the way for higher prices that could push the altcoin to new all-time highs.
AVAX Rally Continues?
Technically, AVAX has been seeing some pretty impressive price action lately.
The altcoin’s ability to retest the $39 support and bounce back strongly highlights the resilience of market participants.
Moreover, as the number of large transactions and active addresses continues to grow, it appears that both institutional and retail investors are starting to realize the long-term potential of the Avalanche ecosystem.
Read Avalanche (AVAX) price prediction for 2024-2025
The recent AVAX price surge, complemented by a surge in large transactions and active addresses, paints a compelling picture of the altcoin’s bullish trajectory.
However, the stochastic RSI is in an overbought zone, indicating that a price correction may occur in the near term.