AAVE Surges 9% As It Target Price Breakout Above $145 With Strong Whale Activity in Play
AAVE has experienced a significant surge in whale activity, leading to an 8% increase in its price over the last 24 hours, reaching $135.
AAVE Whales Activity
According to data from Spot On chain, two AAVE whales have withdrawn a substantial 67,197 AAVE tokens, totaling $9.02 million, from Binance within the last 24 hours. One of the whales, identified as 0x3f9, withdrew 16,592 AAVE tokens worth $2.22 million, while another address, 0x64c, likely belonging to the same entity, executed a similar withdrawal. Additionally, address 0xa92 withdrew a total of 50,605 AAVE tokens valued at $6.8 million about 20 hours prior, bringing the total withdrawals to 125,605 tokens, equivalent to $16.9 million.
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This surge in whale activity coincides with Aave’s increasing adoption due to its new economic model. Since late July, the AAVE price has skyrocketed from $90 to $143, positioning it as one of the top-performing DeFi tokens in the market.
Aave has actively participated in the broader crypto market rally, with its price surging by over 142% in the past year. Market predictions also anticipate that AAVE could surpass $200 by the end of September.
AAVE Technical Analysis Signalling Potential Breakout
Analyzing the technical chart, the AAVE price has broken out from the converging channel pattern, signalling a potential 25% gain with a target of $168. Moreover, daily trading volumes have surged by over 50%, providing further support for this upward movement. The ongoing AAVE whale activity may contribute to sustaining this momentum, as indicated by World of Charts’ assessment of AAVE’s breakout.
Aave Labs has recently announced its collaboration with MakerDAO for the Sky Aave Force project, aiming to bridge the gap between traditional finance (TradFi) and DeFi. Aave Labs emphasized the maturation and resilience of DeFi protocols, emphasizing the potential for DeFi to become the foundation of finance, unlocking unprecedented access and opening new use cases. Furthermore, Aave received a significant boost with the news of Donald Trump’s DeFi project, World Liberty Financial, choosing to build upon Aave and Ethereum.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
