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

The prospects for the Avalanche network (AVAX) are proving more promising following the impressive jump in large transaction volumes initiated by market whales. According According to data from IntoTheBlock (ITB), Avalanche whales have traded a total of $138.47 million in 24 hours, representing an increase of 261.58%.

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

On the Avalanche network, transactions that meet this category have skyrocketed from 164 on January 7 to 484 in 24 hours. To complement this bullish rally, the huge trading volume jumped from 1.1 million AVAX to 3.84 million AVAX recorded at this time. In dollar terms, the large transaction volume grew from $33.57 million on January 7 to $138.47 million the next day.

Other Avalanche network metrics are also intriguing, with a 7.46% increase in daily active addresses to over 70,000.

Avalanche Price Outlook

The bullish rally seen in Avalanche as a layer 1 network does not translate into positive price action for the underlying AVAX token. Although this is more a function of the broader market, AVAX is changing hands for $34.10, down 6.21% in the last 24 hours.

Avalanche is one of the best-performing altcoins right now, and this display of extreme bearish volatility is not uncommon. Ultimately, AVAX price is poised to regain its winning trajectory as the current whale action is not slowing down as of late and could help boost the coin’s performance.

The AVAX whale can regain momentum by leveraging its history with the currency and the growing adoption of the Avalanche protocol by institutions.