$AVNT Onchain Analysis
Avantis (AVNT) is the token of the decentralized exchange (DEX) on Base, with a market capitalization of approximately $89 million. After a period of strong growth in October, the price of AVNT has corrected downwards by more than 85%.
However, by December, the downward trend had slowed, shifting to a sideways movement around the $0.30 mark. Notably, the token showed clear signs of accumulation.
According to data from Nansen, whale wallets accumulated an additional 11 million AVNT in December. The total balance of the top 100 wallets increased by 1.88%, while reserves on exchanges decreased by 4.9%.
The increase in balances in large wallets coupled with a decrease in exchange reserves typically indicates that investors are buying and transferring tokens to personal wallets, reflecting confidence in the long-term outlook.
Data from Holderscan also shows that the number of AVNT holders increased from 105,800 to 109,800 in the last 30 days.
Technically, analysts believe that AVNT may be in the final stages of a falling wedge pattern, a signal that often forecasts a reversal from a downtrend to an uptrend.
