Avalon (AVL) is set to witness a downtrend movement as a recent whale activity suggests imminent bearish signals. Today, crypto analyst, the Data Nerd, spotted a whale who dumped huge amounts of AVL tokens to an exchange.
Whale moves 3.5 million AVL tokens
In a post on X today, the whale, probably an early investor or a team of Avalon Labs, deposited 3.5 million AVL tokens worth $1.58 million into Bybit. Currently, this whale holds 6 million AVL tokens valued at $2.55 million in his hot wallet.
The transfer of these substantial AVL tokens from cold wallet to Bybit gained widespread scrutiny from crypto enthusiasts. Such movement of funds to an exchange signals selling intentions, which could have impact on AVL prices.
Avalon price updates
Avalon is currently facing downward pressure following a recent uptrend. Onchain data shows that AVL is a new cryptocurrency launched a month ago. Initially, the token made strong market performance boosted by its highly expected launch and eventual listing on Bybit last month Feb. 11. The listing not only expanded AVL’s reach and accessibility but also triggered rapid upward momentum for the token. As a result, the asset’s price had been up 45.2% and 24.3% over the past month and two weeks ago respectively.
However, Avalon started seeing downturns seven days ago, meaning selling pressure overpowered buyers. So far, the asset price has been down 20.6% over the past week. Today, the asset is currently trading at $0.4173, after seeing a decline of 3.2% over the previous day. Also, its trading volume dropped by 20.60%, indicating a recent decrease in market activity. Such volume decline normally occurs during times of weak price activity, suggesting a bearish market sentiment. The current downward pressure on the token means that early adopters, especially whales, are selling their tokens to recoup profits.
However, technical analysis shows that the asset is entering into a correction trend and trying to maintain its price above the crucial support level of $0.38241. This appears to be a mark where buying pressure emerges though counteracted by sellers. If AVL can manage to maintain its value above this support region, it could stabilize and avert further drops. With the ongoing recovery within the broader crypto market, Avalon is likely to see bullish sentiment around it and long-term holders accumulate the asset for growth potential. Avalon is currently the 433rd largest crypto asset in the wider cryptocurrency market, with a market valuation of $66.42 million, at press time.
