AVAX Sees Major Transfers Between Two Addresses

Significant Transfer Activity on Avalanche

Recent analysis reveals that more than 70% of the total value transferred on the Avalanche (AVAX) network has been conducted through just two addresses. These addresses, associated with "Yield Yak" and "Benqi Finance," have facilitated transactions worth $7.8 trillion over the past four months alone. This significant activity is a substantial portion of the approximately $10.8 trillion transferred throughout AVAX's history.

Current Market Standing and Price Movements

AVAX currently holds the 16th position on CoinMarketCap's list of largest crypto projects by market cap. With a market cap estimated at $5.78 billion, AVAX's price is experiencing minor fluctuations. It has seen a 0.26% decline, now trading at $17.73. Despite this dip, AVAX's weekly performance remains slightly positive at +0.51%.

AVAX's Performance Against Major Cryptos

The altcoin has shown a weakening trend against major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). AVAX is down by 0.86% against BTC and 0.64% against ETH, reflecting its challenging position in the broader crypto market.

Technical Analysis and Price Outlook

On the daily chart, AVAX's price is navigating around a crucial support level of $17.18. It has been trading within a narrow range between $17.18 and $18.05 over the past week. Although it temporarily dipped below the 9-day EMA line, it managed to recover. However, the price remains vulnerable, indicating potential further declines below the EMA support.

In conclusion, while AVAX experiences substantial transaction volumes through two primary addresses, its market position and price stability face ongoing challenges. Investors are advised to conduct thorough research and exercise caution in their trading decisions.