Aave [AAVE] is currently a hot topic in the cryptocurrency world, with its market capitalization growing by 53% in just two weeks.
This significant increase may be due to speculation about favorable cryptocurrency policies from the Trump administration.
Times are changing, and AAVE is riding the wave of positive market sentiment.
Analyzing AAVE's explosive on-chain growth.
The past 24 hours have been unusual for AAVE, with significant on-chain data milestones indicating unusually high market activity.
According to Santiment data, AAVE whale trading volume has reached 587 transactions, the highest level since March 2022, indicating strong institutional interest and significant market momentum.
Meanwhile, its trading volume also reached 385.9 million, the highest level since October 2021.
Equally impressive is the network participation, with 2,346 unique addresses trading – a level not seen since June 2023.
Technical indicators paint a bullish picture.
From a technical perspective, the token shows strong bullish signals. At the time of writing, the trading price of this altcoin is slightly above the key weekly resistance line of $244.
AAVE shows impressive bullish momentum, recently rising 21.63% and breaking through the $244 resistance level.
This breakout indicates strong buying interest, with the next target set at $252.59. If this momentum continues, the altcoin may reach $270.
Bulls are winning this battle.
The long/short ratio of altcoins has risen significantly. Data shows that recent long positions dominate, with over 50% of traders going long.
Given that the trading price of the token is slightly above the key entry price level, this enhances the potential for a bullish rebound.
The combination of fundamental indicators, on-chain metrics, and technical indicators suggests that the token will experience a bullish rebound.
If bullish momentum continues above $244, altcoins may surge to test higher resistance levels.
