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Cryptocurrency News Articles
Aave (AAVE) Rallies 15% to Hit $355 as Ethereum Foundation Allocates $165M ETH
Jan 22, 2025 at 03:12 am
Aave (AAVE) showed bullish momentum this week, climbing to $355 on Tuesday, up 15.69% over the past 24 hours.
DeFi blue-chip token Aave (CRYPTO: AAVE) displayed bullish momentum this week, surging to $355 on Tuesday. The token's price rose 15.69% over the past 24 hours. Several key developments fueled the optimism around AAVE.
Ethereum Foundation Allocates $165 Million to Aave
On Monday, the Ethereum Foundation allocated 50,000 ETH, valued at $165 million, to Aave. The foundation set up a 3-of-5 multisig wallet for participation in decentralized finance (DeFi) ecosystems. The move signaled an endorsement of Aave's long-term viability by the foundation.
This allocation is expected to enhance liquidity and deepen Aave's integration into the Ethereum ecosystem. In turn, this would bolster its position as a leading DeFi protocol.
Aave V3.2 Launches on Arbitrum, Base
The investment coincided with the launch of Aave's v3.2 on Arbitrum and Base. This update introduced Liquid eModes, enabling users to now leverage new collateral types, such as wstETH, while also benefiting from reduced gas fees.
According to analysts, this innovation could attract new users and increase the platform's Total Value Locked (TVL), further supporting the bullish outlook for AAVE.
Aave's ETH TVL Hits All-Time High
Data from crypto tracker DefiLlama showed that Aave's TVL in terms of ETH hit an all-time high of 6.53 million ETH on Monday. This growth indicates heightened activity within the ecosystem as more users are now depositing assets and engaging with Aave-based protocols.
The increase in TVL also coincides with a surge in daily active addresses on the network, which rose by 36.7% over the past week. Furthermore, new addresses jumped by 52.28%, reflecting fresh adoption and renewed interest in Aave's ecosystem. These metrics highlight growing confidence in the protocol and support the bullish momentum.
AAVE Price Action, Market Sentiment
After breaking out of a descending channel, AAVE surged decisively above the $340 resistance level, a critical area that had previously capped its growth. Analysts observed a clear upward trajectory in the token's price action, with the next resistance at $380. Clearing this level could pave the way for AAVE to test $500 in the near term.
As the rally progressed, market sentiment leaned toward Aave. Open Interest climbed 25.1% to $414.61 million, indicating rising trader confidence. However, analysts noted that sustaining this rally will depend on continuous network activity and strong market support.
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