- Recent on-chain data showed a sharp rise in AVAX’s average transaction size.
- Meanwhile, whale activity has been increasing steadily, suggesting that large holders may influence future price movements.
Over the last month, Avalanche [AVAX] has achieved remarkable growth, rising by 93.58%. However, the pace has slowed, with the token posting a modest 3.77% gain over the past 24 hours.
Despite these advances, analysis by AMBCrypto suggested that AVAX has not yet established a clear rally.
Whale activity and other key factors will likely shape whether the asset can regain its momentum and approach the $65 mark.
Surge in AVAX purchases
AVAX has seen a significant spike in its average transaction size, with the figure soaring to $3,687.7 in the past 24 hours and maintaining a seven-day average of $2,935.71.
This trend suggested that traders were purchasing larger quantities of AVAX per transaction. Such behavior points to a potential increase in demand, which could drive up the asset’s value and lead to a price surge.
The average transaction size this week has been the highest since early November, particularly on the 8th of December, when a massive spike coincided with continued price growth.
Source: IntoTheBlock
Notably, this increase in transaction value occurred despite a slight decline in active addresses—market participants transacting AVAX—by 1.23%.
Typically, a drop in active addresses correlates with a price decrease, but AVAX defied this pattern.
Further analysis by AMBCrypto highlighted that whales, or large-scale investors, played a major role in driving AVAX’s recent price movements, reflecting their impact on the market.
Whales maintain a strong presence
According to IntoTheBlock, whale activity in the AVAX market has grown by 0.25% over the past 24 hours, indicating their continued influence.
Whales are defined as addresses holding at least 1% of an asset’s supply. Their actions often have a significant impact on market trends. Currently, 10 whale addresses collectively control 27.38% of the total AVAX supply.
These addresses are categorized as either high-activity or low-activity participants, both of which have played a crucial role in maintaining AVAX’s value despite declining interest from other market participants.
Source: IntoTheBlock
Collectively, these addresses own 27.38 million AVAX, a figure that has increased by 12.44% over the past week. This stands in contrast to a slight decline in activity from the broader market.
The divergence between whale activity and general market participation, alongside the corresponding price increase, suggests that whales are entering the market to acquire more AVAX for long-term holdings—a trend reflected in the recent price surge.
Can AVAX reach $65?
At press time, 81% of AVAX holders were “in the money,” meaning their positions are profitable compared to their entry points. In contrast, only 15% of holders were “out of the money,” or at a loss.
This significant disparity favors the bulls, as a predominantly profitable market sentiment often encourages further buying.
Read Avalanche’s [AVAX] Price Prediction 2024–2025
Whale activity and growing market interest could amplify this trend, potentially driving the token past its next resistance zone between $54 and $80, with $65 as the midpoint target.
Source: IntoTheBlock
If the current momentum strengthens, and a substantial percent of “in the money” addresses continue to accumulate, AVAX could not only breach the $65 mark but also trade above it.
