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Crypto Whales Buy 52 million Avalanche (AVAX): Price Impact

2 mins
Updated by Bary Rahma
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In Brief

  • Avalanche price is poised to observe a potential 23% rally to reclaim March highs.
  • Whales have added nearly 52 million AVAX to their wallets in the last three days.
  • AVAX maintains a low correlation with Bitcoin, which hints at avoiding market cues.
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The price of Avalanche (AVAX) has seen a notable decline on the daily chart recently, dropping below $50.

Despite this downturn, there is a wave of optimism from a significant group of investors that could catalyze a recovery.

Avalanche Attracts Crypto Whales

The outlook for Avalanche is becoming increasingly positive, thanks to substantial interest from crypto whales — investors with holdings ranging from $1 million to $10 million worth of AVAX. These whales have collectively added nearly 52 million AVAX, valued at over $2.1 billion, in just three days since the start of April.

Their substantial investment strongly indicates their confidence in the asset’s potential for price appreciation.

Avalanche Whale Holdings.
AVAX Whales Holdings. Source: IntoTheBlock

Moreover, Avalanche is distinguishing itself from the broader crypto market. Its correlation with Bitcoin stands at a low 0.17, suggesting that while it may still follow the broader market trends, its price movements won’t be as closely tied to Bitcoin’s fluctuations.

This independence could set the stage for significant gains. Indeed, a high correlation suggests that an altcoin will mirror Bitcoin’s price movements, while a low or negative correlation indicates a more independent price movement.

Avalanche Correlation with Bitcoin.
AVAX Correlation with BTC. Source: IntoTheBlock

AVAX Price Prediction: Another Rally

Given these factors, Avalanche’s price could see a 23.5% rise from its current trading price of $47.32, potentially reaching $60. This level is just above the year-to-date high of $65.

However, reaching this target depends on AVAX’s ability to overcome several resistance levels at $50, $53, and $58. The $53 mark, in particular, is a critical barrier that has been tested multiple times.

Read More: How To Buy Avalanche (AVAX) and Everything You Need To Know

AVAX/USDT 1-day chart.
AVAX Price Chart. Source: TradingView

Should Avalanche struggle to surpass these resistance levels, particularly the $53 mark, it could lose its bullish momentum and see a reversal in its upward trend. This scenario would negate the optimistic forecast and could result in the price falling back below $50.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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