Avalanche (AVAX) fell to $6.17 on June 23, 2026, even as a whale withdrew 238,651 tokens worth approximately $1.5 million from Bybit, reducing exchange-held supply. The withdrawal sparked speculation that large holders were accumulating during the prolonged downtrend, but broader market data showed mixed signals as exchange netflows remained positive.
Whale withdrawal vs. broader exchange flows
The whale transaction involved moving AVAX from Bybit to a private wallet, a move often interpreted as a sign of long-term holding intent rather than preparation for selling. However, recent spot flow data painted a more complex picture: $7.77 million in inflows and $6.23 million in outflows resulted in a positive netflow of roughly $1.54 million. This meant that, overall, more tokens entered exchanges than left them, contrasting with the single whale's withdrawal. The inflow advantage suggested that while one large holder accumulated, other market participants were moving tokens onto trading platforms, possibly to trade or reposition.
Binance traders remain bullish despite price weakness
On Binance, top traders maintained a strong bullish bias. Long accounts represented 66.42% of positions, while shorts accounted for 33.58%, yielding a Long/Short Ratio of 1.98. This indicated that experienced traders largely expected higher prices despite the ongoing downtrend. The crowded long positioning, however, introduced risk: if AVAX fails to recover, leveraged longs could face increased liquidation pressure. For now, trader sentiment remained firmly tilted toward the upside, even as price action had yet to confirm that optimism.
Key support levels and technical outlook
AVAX continued trading within a descending channel that had guided price action lower since May. The altcoin hovered around $6.17, attempting to establish support above the critical $5.90 zone, which had triggered rebounds in the past. Resistance remained visible near $7.00, with stronger resistance around $9.00. The Relative Strength Index (RSI) climbed to 32.11 after dipping into oversold territory, indicating easing selling pressure, but remained below the neutral 50 level, reflecting a weak broader trend. The Parabolic SAR stood above price at 6.854, confirming bearish control on the higher timeframe. Until buyers reclaim channel resistance and strengthen momentum indicators, the downtrend is likely to persist.