Whales Start the Week with a Spike in Activity on Avalanche Blockchain

Whales start the week with a spike in activity on the Avalanche blockchain. Avalanche is currently experiencing an upsurge in supply on exchanges, together with whales transfers, leading to downside volatility. According to Santiment, a crypto intelligence tracker, the amount of tokens held by the whales is decreasing as the supply on exchanges increases.

🐳 Whales have opened the week extremely active, and judging from many #altcoins' market cap growths today, it appears they're having an impact. Pay particular attention to networks with $10M+ transfers firing off and creating volatility, like $AAVE, $COMP, $CRV, $IMX, & $YGG. pic.twitter.com/Cm7ABHsqsd

— Santiment (@santimentfeed) August 28, 2023

Check out what X has to say about Avalanche.

The whales are large-wallet investors, usually with a huge amount of crypto sufficient to cause a shift in the AVAXUSD market’s environment. Typically, an increase in the whales’ activities causes an increase in the market’s volatility. Owing to the increase in activities on Avalanche’s blockchain, an upsurge in the value of AVAX, the native token, might begin as the price leaves the discount zone.

Check this out to discover more. Continue below to stay updated on the AVAXUSD market.

Key Avalanche Levels to Watch: August 29

According to the RSI (Relative Strength Index), AVAXUSD is in a discount zone after a series of declines to the downside. The downturn began in February 2023, as the price hit the $21.60 resistance and reversed to the downside.

Since the reversal at the $21.60 resistance, AVAUSD has been descending the crest. The current trading range of the market is between $16.00 and $9.90. As the price expands upward, the emerging uptrend is likely to continue until the premium zone is reached.

Avalanche Key Levels

Resistance Levels: $16.00, $18.20, $21.60
Support Levels: $9.90, $8.00, $4.10

Total Market Capitalization: $1.05T
Avalanche Market Capitalization: $3.75B
Avalanche Volume: $0.17B
Market Rank: #19

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