Avalanche price retested the $25 level today for the first time in over 4 months. Hitesh Malviya, an on-chain analyst, identifies the rapid recovery of the GameFi sector in the altcoin ecosystem as a key growth catalyst that could trigger further price gains for AVAX. However, a balian is piling AVAX onto Binance, on-chain analytics platform Lookonchain reported.
Altcoin price increased sharply, giant whale took action!
cryptokoin.comAs you follow from , Avalanche (AVAX), which Turks are also interested in, attracts attention in the market. AVAX is checking the peaks with today’s performance. However, there are also those who are looking for an opportunity to benefit from this price increase. In this context, on-chain analytics platform Lookonchain draws attention to the latest AVAX transfers. Lookonchain shared that a whale moved a large amount of tokens to Binance:
A whale deposited 449,668 AVAX ($10.3 million) to Binance 1 hour ago. If this is sold, it will make a profit of approximately 3.8 million dollars. Whale withdrew 534,669 AVAX ($7.72 million) from Binance at $14.45 on November 23 and 24, 2022 and June 6, 2023. It currently holds 85k AVAX ($1.95 million).
What’s behind the Avalanche’s rise?
The altcoin has attracted increasing interest from investors over the past week. On November 16, the AVAX price rose towards $24. Thus, he increased his 30-day gain to 150%. On-chain analysis highlights some of the key catalysts behind this price rise. Crypto analyst Hitesh Malviya cites Avalanche’s newly launched GameFi sub-nets as one of the key factors driving AVAX adoption in recent weeks. In this context, Hitesh makes the following statement:
Avalanche sub-nets DEXALOT and DFK process more transactions than the Avalanche C-Blockchain. This increased the number of tokens burned as gas fees last month.
Currently, Avalanche burns 100% of its revenue from transaction fees. So, the recent increase in network traction combined with gaming adoption appears to have accelerated the AVAX burn rate. The chart above shows that the Avalanche network burned 38,057 AVAX over the last 30 days. Essentially, an increased burn rate during a rally is an indication that the altcoin price uptrend is currently being driven by organic trading activity. This essentially means that the ongoing AVAX price rally is being supported by underlying network activity, rather than speculators piggybacking on the broader altcoin market rally, according to experts.
AVAX price prediction: Will the altcoin price rise to $30?
Crypto analyst Ibrahim Ajibade evaluates the technical picture of AVAX. Global In/Out of the Money (GIOM) data, which groups existing Avalanche investors according to entry prices, also confirms this bullish AVAX price prediction. However, it shows that the bears need to break the initial resistance at $23 to reclaim $30. As you can see below, 402,470 investors purchased 2.95 million AVAX at an average price of $22.98. If these investors exit early, they are likely to trigger an altcoin price correction. However, if the bulls break this selling wall, AVAX price will likely regain $30.
Still, it is possible that the bears could thwart the optimistic forecast if AVAX price falls below $12. However, in this case, initial support could be provided by 771,030 owners who purchased 7.97 AVAX at the minimum price of $14.96. If these investors HODL solidly, the altcoin price will likely not suffer a larger decline.
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