AAVE Price Dipped Following Large-Scale Whale Sell-offs, But Technical Charts Hint at a Potential Bullish Reversal

AAVE price dipped following large-scale whale sell-offs, but technical charts hint at a potential bullish reversal. Despite bearish pressure, analysis suggests the token may still rally toward $628

AAVE price has dipped following large-scale whale sell-offs, but technical charts hint at a potential bullish reversal. Despite the bearish pressure, analysis suggests the token may still rally toward $628—if momentum returns and key levels hold.

AAVE Whales Cashing Out

Another 29,000 AAVE—which is about $4.75 million—were deposited by a major whale to FalconX within the past 10 hours. This is one of a series of sales totalling 59,001 AAVE for $9.76 million over a 17-hour window. The average price of these tokens was $165.5.

After these transactions, the whale now has 8,425 AAVE, which is about $1.38 million. The same wallet had 37,425 AAVE ($6.23 million) just one day prior on April 1, after it had previously dumped 73,501 AAVE for $12.51 million.

The activity started on March 19 when the whale came out of its four months of inactivity and transferred 43,500 AAVE ($7.48 million) to FalconX.

The timing of these moves has been reflected in AAVE’s price. It’s currently trading at $158.14, making it 24.38% lower over 30 days. In the last 24 hours, it traded between $157.61 and $170.92.

Despite the recent selling pressure, AAVE is still 76.37% below its all-time high of $666.86, which was reached in May 2021.

Technical Charts Show a Bullish Breakout Targeting $628

Despite the recent correction, technical analysis suggests that the AAVE price may be poised for an upward move. As per JavonTM1 analysis, AAVE broke out of a long-term downtrend that started after its 2021 peak. After confirming the breakout in early 2023, the price moved upward steadily until late 2023 and early 2024.

AAVE’s price target is set at $628.5 by JavonTM1, which implies a potential rise of over 270% from the current levels. The target would need a further 192% price increase at the time, according to a March 4 update, implying some recent upward movement had already taken place.

It seems that the extended consolidation after the 2022 market decline has created a base, and the subsequent upward moves indicate renewed momentum. However, the recent sell-off has led to a price pullback, and it is unclear if this is a temporary dip or a bigger correction.

AAVE Price Reflects Shifting Speculative Cycles

Crypto analyst hitesh.eth points to a broader trend affecting tokens like AAVE. According to him, AAVE has already gone through a multi-year adoption cycle. Unlike newer tokens that launch at sky-high valuations post-private rounds, AAVE’s price action was more retail-driven in its early years.

Now, as speculative energy shifts toward newer launches, older assets may see slower growth. While AAVE continues to build, price recovery might lag unless interest returns in volume.

Some exceptions, like SUI, have outpaced their listing prices, but they are still rare. AAVE’s future may depend on sustained retail engagement and bullish volume patterns.

With whales lightening their positions and macro cycles shifting, the path to $628 likely hinges on renewed momentum and broader investor confidence.

In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t constitute the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.