Crypto
AVAX Price Action Hinges on Support Test Amid Institutional Activity
Nearly 300,000 AVAX was transferred through Galaxy Digital's OTC desk to Multicoin Capital before being staked immediately. This move limits the immediate supply returning to open markets.
A separate wallet identified as 0x87D moved 649,998K AVAX to Coinbase Prime, but a transfer alone does not confirm selling intent.
The technical momentum remains cautious, with $6.40 support and $6.55-$6.60 resistance defining the immediate trading range. The market outlook is uncertain due to institutional wallet activity meeting weakening momentum.