AAVE has demonstrated significant potential for further price appreciation, successfully breaking through crucial resistance levels and exhibiting strong on-chain signals indicative of a bullish trend.
The cryptocurrency surged over 100% since April, decisively breaching the critical $290 resistance level. This level has now transitioned into robust support, providing a solid foundation for potential upward movement.
Significant whale activity underscores growing institutional interest. Transactions valued between $100,000 and $1 million surged by 360.77%, while transactions in the $1 million to $10 million range increased by 283.33%.
Currently trading above $310, AAVE registered a 7% gain over 24 hours. This upward move was accompanied by a substantial 55% surge in trading volume, confirming strong bullish sentiment among traders.
Further supporting the accumulation thesis, exchange outflows saw approximately $5.63 million worth of AAVE tokens withdrawn over a 48-hour period. This reduction in readily available supply typically signals long-term holder confidence and can increase buying pressure.
Technical analysis suggests AAVE has the potential to reach $416, contingent on maintaining its position above the newly established $290 support level and sustaining its current momentum.