Avalon (AVL) may witness a downtrend following recent activity by a major investor. A crypto analyst noted a significant volume of tokens moved to an exchange.
Whale Moves Large Volume of AVL Tokens
Today, crypto analyst Data Nerd spotted that a whale, possibly an early investor or member of Avalon Labs, transferred 3.5 million AVL tokens to the Bybit exchange. These tokens are valued at $1.58 million. Currently, the whale holds 6 million AVL tokens worth $2.55 million in their hot wallet. The transfer has garnered attention from crypto enthusiasts as it may signal selling intentions, potentially impacting AVL prices.
Current Avalon Price Updates
Avalon is experiencing downward pressure despite a recent uptrend. Onchain data reveals AVL is a new cryptocurrency launched a month ago, initially showing strong performance from its anticipated launch and listing on Bybit. This led to a price increase by 45.2% over the past month and 24.3% two weeks ago. However, the asset began to see declines, suggesting selling pressure surpasses buying. Currently priced at $0.4173, it reflects a 3.2% decline from the previous day, and trading volume decreased by 20.6%, indicating reduced market activity.
Future Prospects for Avalon
Technical analysis shows the asset is undergoing a correction, struggling to maintain above the crucial support level of $0.38241. This level is pivotal, as buying pressure could emerge here. If Avalon maintains its value above this region, it may stabilize and prevent further drops. With broader market recovery, bullish sentiment for Avalon could develop, offering growth potential for long-term holders. Currently, Avalon ranks as the 433rd largest crypto asset with a market valuation of $66.42 million.
Avalon is in a stabilization phase following a brief period of growth. Whale interests may influence future price movements, especially given current market conditions.
