Is AAVE Poised for a Major Rally After Hitting a 5-Month High?
- AAVE surges 36%, hitting a five-month high despite market uncertainty.
- Whale accumulation and increased adoption drive AAVE’s bullish momentum.
AAVE has defied the market’s turbulence with a 36% surge over the past seven days. It recently reached a five-month high of $143. As of now, the token is trading at $135.98, reflecting a 5% increase in the last 24 hours. During the same period, trading volume has risen by 17%, while the market cap has grown by 5%. This performance comes despite a 3% decline in the price of the largest cryptocurrency , Bitcoin.
The strong buying momentum behind AAVE is largely attributed to whale accumulation and on-chain expansion, signaling the potential for further recovery. Adding on to it, On-chain analytics platform Lookonchain reported significant whale activity, including 0xa923, who spent 2,575 stETH (approximately $6.65 million) to purchase 50,908 AAVE at $131 within the last 10 hours. Additionally, 0x0945 acquired 11,101 AAVE at $130, spending 563 ETH ($1.45 million) just seven hours ago.
This whale activity follows a similar pattern observed yesterday when two large investors bought 31,407 AAVE ($3.92 million) in just four hours. Notably, whale “0x3737,” who holds 3.56 trillion PEPE tokens valued at $28.4 million, with a $28 million profit on PEPE , purchased 17,690 AAVE at $123, spending 813 ETH ($2.18 million) within the same timeframe.
Meanwhile, AAVE’s adoption is on the rise, as evidenced by increased wallet activity and open interest, which hit $137.62 million yesterday, marking the highest level since June 2022.
What Is AAVE’s Next Target?
The daily chart shows the 9-day Exponential Moving Average (EMA) at $117, supporting the bullish trend. However, with the daily RSI at 74, it is currently in overbought territory.
Should bullish momentum persist, resistance levels at $153 and $166 may be tested. Conversely, a bearish turn could see the price drop to $104, with further support at $94.
Highlighted News Of The Day
US NFA Fines Crypto Fund Ikigai Strategic For Mismanaging Loans
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Decline in Short-Term Bitcoin Holders Could Impact Price Surge, Says CryptoQuant
This US State Now Accepts Bitcoin and USDC for Payments
Beam Whale Set To Break New Ground As Join Gambling ICO Mpeppe Priced At $0.0021