AVAX Whales Accumulate as Staking Hits $204M
Avalanche's [AVAX] staking numbers have reached an impressive milestone, with over $204.77 million in AVAX tokens now locked up. This represents approximately 43% of the token's entire circulating supply.
The large amount of inactive tokens has led to a decrease in availability for leveraged trading, implying that bullish sentiment remains strong despite the current consolidation period.
Recent on-chain data from Staking Analytics reveals that large investors are increasing their exposure to AVAX. Despite the token's price remaining range-bound, these whales are placing orders, suggesting they expect a breakout soon.
The combination of decreasing supply and rising whale activity across the Avalanche network points to a strategic bullish move. This could amplify the current price action momentum in the near future.
The daily chart shows AVAX's price action consolidating within a pennant pattern, with buyers gradually absorbing selling pressure. The Stochastic RSI has yet to hit an oversold region, indicating that a breakout could be on the horizon.