The avalanche market is reeling as a major whale accepts dumping entire $12.000.000 assets including SAVAX and AVAX taking a painful loss of up to $1.500.000
š¹ On chain data shows that wallet 0xD392 has converted and dumped 190,000 SAVAX along with a large amount of $AVAX through decentralized exchange, creating sudden supply pressure that caused the price to slide uncontrollably
šø AVAX Funding Rate on the futures market has dropped to a record negative level of -0.05%, showing that the short sellers are extremely aggressive and willing to pay high fees to push the price down even further
š¹ The whales loss cutting action often creates a domino effect, causing small investors to panic and sell, pushing AVAX price to break through important support levels of $13.5
šø However the Funding Rate being too negative also poses risks for the Short side, if the price suddenly recovers slightly, it will trigger a strong short squeeze that wipes out the chasing sell position
Will you choose to catch a falling knife at the $13 support zone or wait for a signal? clearer reversal from the market
This article is for reference only, this is not investment advice. Please read and consider carefully before making a decision.