thenewscrypto.com
- 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.