based on materials from the site - By crypto.news
The price of AAVE has consistently held above the 50-day moving average as its role in decentralized finance has grown, whales have accumulated, and exchange reserves have fallen.
The price of Aave (AAVE) traded at $272 on Sunday, July 6. This is 140% higher than the lowest level in April. This rebound increased its market capitalization to $4.1 billion, and its daily volume exceeded $250 million.
On-chain metrics collected by Nansen indicate that whales continued to buy AAVE over the past few days. Whales increased their holdings by 3.4% over the last 30 days to 198,535, which is a sign that they expect the trend to continue upwards.
Additional data from Santiment shows that the supply of AAVE on exchanges has been in free fall this month. It has dropped to 2.9 million, the lowest level since February 2021. It has fallen from a peak of 4.53 million in November 2023.
The decline of AAVE balances on exchanges is a sign that investors continue to transfer their tokens to self-custody. This also indicates that these investors expect the price to remain stable over time.
DeFi Llama data shows that the total value locked has increased by 7.8% over the past 30 days and has surpassed $26 billion.
This growth has made Aave one of the most profitable players in the DeFi space. The company has generated a total revenue of over $233 million and $3.3 million in the last 24 hours.
The daily chart shows that the price of AAVE reached a low of $114.65 in April, then began to rise, bringing it up to $323 in May.
AAVE then retraced to a low of $213 in June and has since bounced back to $273. The coin remains above the 50-day and 100-day exponential moving averages, which is a sign that bulls are in control.
It has also formed an inverted 'head and shoulders' pattern, a popular bullish reversal sign.
Thus, the token is likely to experience a bullish breakout with an initial target of $323, the highest level reached in May. A move above this level would signal further growth, potentially reaching a psychological point of $400, the highest level in 2024.
The AAVE coin was created by Stani Kulechov, a Finnish entrepreneur who initially founded the project as ETHLend in 2017. In 2020, ETHLend—a decentralized peer-to-peer lending platform on Ethereum—was rebranded to Aave (which means 'ghost' in Finnish).
The AAVE token was introduced as part of the protocol's transition to a more robust decentralized finance (DeFi) platform for borrowing and lending crypto assets.
Kulechov is also recognized for his contributions to decentralized social networks, including the Lens Protocol.
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