AVAX Whale Deposit Fuels Rally, But Resistance Looms at $7

Avalanche's AVAX token price rose 6.8% to $6.79 in 24 hours after a whale transferred tokens worth $2.4 million into Coinbase.

The whale deposited multiple transactions over four hours, leaving around 865,400 AVAX (worth $5.73 million) unliquidated and potentially available for further transfers toward exchanges.

Bullish positioning among Binance's top traders, with a long/short ratio of 1.93 as of writing, strengthened the demand argument behind AVAX's recovery toward its upper range boundary.

The positive funding rate on the OI-Weighted basis stood at around 0.0100%, indicating that leveraged longs paid off shorts to hold their positions.