Crypto
Avalanche Price Faces Test at $7 as Whale Supply and Bullish Sentiment Clash
Avalanche's price has risen by 6.8% to $6.79 in the past 24 hours, thanks to a surge in market activity and increasing demand.
The rally was fueled by a significant whale deposit of $2.4 million into Coinbase, but this fresh supply posed a challenge for the token's price recovery.
Despite this, top traders on Binance maintained a bullish stance, with 65.82% of accounts holding long positions and only 34.18% short.
The positive funding rate on derivatives platforms also supported leveraged bulls, indicating that buyers were paying off shorts to maintain their positions.