AVAX, the native token of the Avalanche network, surged in value on Monday after the volume of transactions hit a record high of $329 million. 

In a recent post on X, on-chain data provider IntoTheBlock noted that the transaction volume recorded marked the network’s daily highest since last December. 

The total volume of large transactions on Avalanche hit $329 million on Monday, the highest daily amount since December. This indicates increased activity of large holders.
https://t.co/uEam7LI5qY pic.twitter.com/6VAxo4V1j9

— IntoTheBlock (@intotheblock) March 13, 2024

When an asset sees a spike in large transaction volume, it often suggests an increase in whale or institutional investors’  activity. 

Bullish Avalanche Sentiment Continues to Linger

At press time, AVAX exchanged hands at $54. Per CoinMarketCap’s data, the coin’s value rose by 13% in the past 24 hours. 

An assessment of Avalanche’s price on a daily chart showed that bullish sentiments persisted. For example, as of this writing, the dotted lines that make up the coin’s Parabolic SAR indicator were below its price. 

This indicator measures potential reversal points in an asset’s price trend. When its dotted lines are below an asset’s price, they suggest an upward trend. On the other hand, when the dotted lines are positioned above the price, they suggest that the market is trending downward. 

Further, AVAX’s Chaikin Money Flow (CMF) has continued to rally. This indicator tracks the flow of capital into and out of a market. When its value rises and is above zero, it suggests strength in the market. At press time, AVAX’s CMF was 0.33.

Avalanche 1-day price chart | Source: TradingView

The bullish trend was also spotted in the coin’s futures market. According to Coinglass’ data, AVAX’s futures open interest was $520 million at the time of writing. This month alone, this has gone up by 75%. 

When an asset’s open interest climbs in this manner, it suggests that traders are not only holding their positions but also opening new ones. The positive funding rates observed showed that futures market participants have continued to place bets in favor of a continued rally in AVAX’s value. 

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.