AVAX Market Outlook Faces Key Support Test
- Nearly 300,000 AVAX reportedly moved OTC before entering staking, limiting immediate supply returning to open markets.
- A separate 649,998 AVAX deposit reached Coinbase Prime, though the transfer alone does not confirm selling intent.
- Technical momentum remains cautious, with $6.40 support and $6.55-$6.60 resistance defining the immediate trading range.
AVAX market outlook remains cautious as institutional wallet activity meets weakening momentum, leaving traders focused on support, resistance, and subsequent blockchain flows.
Institutional Transfers Add Complexity
Multicoin Capital reportedly transferred 299.99K AVAX through Galaxy Digital's OTC desk. The transaction was valued near $1.93 million at transfer. The receiving wallet was identified as 0xc8E9 in the reported transaction.
According to Nazoku, the investor immediately staked the entire allocation. That action separates the transaction from an immediate exchange liquidation. The coins therefore moved into a yield-generating position after changing ownership.
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