The AAVE token has entered a consolidation phase, stabilizing around the $265 mark following recent market movements. While the price reflects a 3% increase over the last day, it remains down 6% compared to 30 days prior.
Demand for Aave’s core DeFi services continues to exhibit significant strength. Network metrics reveal net deposits surpassing $60 billion. This inflow is reflected in the Total Value Locked (TVL) on the Aave protocol, which has surged over 45% to reach approximately $34.9 billion. Concurrently, network fees generated have climbed from $48 million to $65 million.
Recent market activity presents a more cautious picture. Spot trading volume experienced a 13% pullback, settling at just under $300 million over 24 hours. Derivatives markets showed a sharper contraction, with volume dropping 19.3% to $503.6 million, though open interest saw a modest 4.1% rise to $561.9 million.
Technical indicators offer conflicting signals: the Moving Average Convergence Divergence (MACD) is currently bearish, reading -9.31, while the Relative Strength Index (RSI) sits at a neutral 43.3. Long-term supports like the 100- and 200-day Simple Moving Averages (SMAs) suggest buying opportunities, whereas short-term Exponential Moving Averages (EMAs) indicate selling pressure.
Future price movements appear poised around key levels. Breaking decisively above the $280 resistance could open a path towards the $310-$315 range. Conversely, a sustained drop below the critical $250-$255 support zone risks testing support levels established around $230 last month.