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Cryptocurrency News Articles
AAVE (AAVE) Rallies 125% In Two Months, What's Next?
Sep 23, 2024 at 02:30 pm
AAVE rose 20% Wednesday to $170, a level not seen since May 2022. An asset in accumulation for more than two years is attracting traders and analysts who feel it has additional upside potential.
AAVE price analysis reveals a bullish trend with a 20% surge on Wednesday, reaching $170, a level last seen in May 2022. The asset has been accumulating for over two years, attracting traders and analysts who anticipate further upside potential.
Avalanche (AVAX) Rallies On Fed Rate Cut, DeFi Growth Boosts Long-Term Outlook
AAVE Surges 125% In 3 Months Of Accumulation Phase
Despite market consolidation and low volatility, AAVE's strong recovery since July 2024 has impressed traders. The asset rose 125% in a matter of months, moving from $72 to $170.
Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains
According to the founder of DefianceCapital, Arthur, this indicates that the crypto has completed its nearly 900-day accumulation phase. A clear technical sign is the price forming higher highs and higher lows on the daily chart.
Should the daily candle close above $153, some analysis suggests that the asset can break toward the main level of resistance at $200.
$AAVE is trading at the highest level since May 2022 and seems to be breaking out from a 2 year consolidation pattern.
Expect ATH reclaim to further solidify DeFi Renaissance. pic.twitter.com/pn29UsBMes
— Arthur (@Arthur_0x) September 22, 2024
Related Reading: Aave V3 Launches On Mainnet With Cross-Chain Deployment, NFT Markets, And More
Crypto expert TraderKoz recently highlighted a strong bounce of AAVE from the accumulation zone, adding to the bullish sentiment. He believes that the asset is set to “blow” in the upcoming trading sessions. His assessment aligns with the broader market consensus, which suggested that the coin was due for a substantial price surge.
AAVE could rise 232% to $536 by October 2024. CoinCodex data reveals that market momentum and technical alignment support this prognosis.
$AAVE breaking out of almost a 900 day accumulation range
Look for charts like this and load your bags pic.twitter.com/wbb4pe2gVK
— TraderKoz (@TraderKoz) September 22, 2024
Rising Total Value Locked (TVL)
The Total Value Locked (TVL) of AAVE has surged nearly 100% since January 2024, currently valued at $12.181 billion. An increase in TVL typically indicates growing interest from investors, which tends to drive prices up. As DeFi activity picks up steam once more, AAVE's rising TVL showcases its benefits.
Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains
Moreover, large holders now control 55% of the total AAVE supply, indicating a high level of centralization but also massive confidence from major investors. Throughout this period, whales have been consistently accumulating the asset, displaying their optimism about AAVE's future performance.
Further bolstering this bullish trend is the AAVE daily exponential moving averages (20, 50, 100, and 200), which suggest strong momentum in the price action. If this trend continues and breaches above the resistance level of $200, several analysts believe that it will leave a clear path toward $260 in the near term.
AAave’s transaction volume is still trending upwards. Data from Santiment shows that the profit loss ratio stands at 4.472, with most trades closing in the green. As a result, holders' confidence grew with big investors ramping up exposure to AAVE.
Bullish Momentum Continues
AAave's transaction volume is still trending upwards. Santiment data shows that the profit loss ratio stands at 4.472, with most trades closing in the green. As a result, holders' confidence grew with big investors ramping up exposure to AAVE.
Related Reading: Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains
CoinCode
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