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$AAVE price pulled back on Tuesday, Sept. 24, as on-chain data showed an increase in centralized exchange outflows.
$AAVE ($AAVE), one of the best-performing DeFi assets recently, retreated to $164.5, down from this week’s high of $178. However, it remains 131% above its lowest level in July.
According to Nansen, $AAVE had CEX outflows of over $6.35 million, a 4.96x increase from the recent average. CEX outflows are often seen as positive for a cryptocurrency, as they indicate that investors are moving their tokens to self-custody, signaling long-term holding.
Additional data shows that the top ten biggest accounts bought $AAVE tokens worth over $8.4 million, compared to sales worth over $7.8 million. This suggests that more investors remain bullish on $AAVE, hoping for a DeFi renaissance.
Meanwhile, according to DeFi Llama, $AAVE has accumulated over $12.53 billion in assets, most of which are in its V3 version. Of these assets, $8.09 billion has been borrowed, and the network has collected over $260 million in fees in the last 12 months, making it one of the most profitable DeFi platforms.
$AAVE’s future interest has also remained at an elevated level. Data by CoinGlass shows that daily open interest has stayed above $87 million since Aug. 15, reaching a high of $214 million on Sept. 11. Before that, its highest open interest was $124 million on Aug. 2.
$AAVE just flipped a key resistance
On the weekly chart, the $AAVE token has been in a strong bullish trend over the past few weeks. It has remained above the ascending trendline that connects the lowest points since June 2022.
$AAVE has also flipped the crucial resistance point at $154.21, its highest swing in March this year. It has jumped above the 25-week moving average, while the Relative Strength Index is approaching the overbought level.
Therefore, $AAVE may continue its bull run, with buyers targeting the psychological level of $200.