AVAXNews

Avalanche (AVAX) Sees Massive Whale Volume Jump, Incoming Bullish Rally?

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Avalanche (AVAX) network outlook is proving to be more promising following the impressive jump in the large transaction volumes initiated by market whales. According to data insights from IntoTheBlock (ITB), a total of $138.47 million have been traded by Avalanche whales in 24 hours, amounting to a 261.58% jump.

Avalanche is best described as a success story, considering how it dramatically transformed its fortune from being one of the altcoins with the least profitability last year to one with highly bullish metrics at the moment. By large transactions, IntoTheBlock is defined as those with a value of at least $100,000. 

AVAX Whale Transaction Volume via IntoTheBlock

On the Avalanche network, transactions that meet this category have soared from 164 as of Jan. 7 to 484 in 24 hours. To complement this bullish uptick, the large transaction volume jumped from 1.1 million AVAX to 3.84 million AVAX on record at the moment. In dollar terms, the large transaction volume grew from $33.57 million on Jan. 7 to $138.47 million the next day.

Other metrics on the Avalanche network are also intriguing, with a 7.46% surge in Daily Active Addresses to more than 70,000.

Avalanche price outlook

The bullish uptick being recorded on Avalanche as a layer-1 network is notably not translating into a positive price action for the underlying AVAX token. Though this is more a function of the broader market, AVAX is changing hands for $34.10, down by 6.21% in the past 24 hours.

Avalanche is one of the top performing altcoins at the moment, and this show of extreme bearish volatility is not uncommon. Ultimately, the AVAX price is poised to reclaim its winning ways, seeing as the current whale action is not dying down in recent times and might help drive the coin’s performance.

The AVAX whale may rebuild momentum by drawing on their history with the coin and the growing embrace of the Avalanche protocol by institutions.

Source

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