Aave (AAVE) crypto has seen a noteworthy demand over the last few weeks as it continued to ride the uptrend. It reached the 52-week highest trajectory and sought to extend the bullish momentum toward the $200 mark in the following sessions. Since July 2024, AAVE price has continued to sparkle gains inside the rising channel, forming higher high swings.
Notably, it has gained a triple-digit surge of over 110% over the last three months, which echoes buyer dominance on the chart. AAVE crypto has ascended above the 61.8% Fib levels and is targeting more gains. Amidst the crypto market volatility, AAVE crypto showed a resilient rise and persisted in riding the bull rally.
Notably, AAVE is heating up as the go-to lending protocol, drawing interest from smart money and other DeFi protocols.
AAVE Price Prediction: Will The Bull Rally Continue?
A rising parallel channel was noticed on the daily chart, and the altcoin has consistently exceeded the gains.
AAVE price was changing hands at $156.83 at press time, with an intraday change of over +4.16%. Its market has risen by 3.12% to $2.39 Billion and had a circulating supply of 15.17 Million.
The Relative Strength Index (RSI) skyrocketed to the overbought zone, 68, at press time. The move could persist, and the altcoin might reach the $200 mark shortly.
Similarly, the MFI index, with a reading of 78, signals a massive inflow in the market, suggesting significant investor speculation for AAVE.
@TraderKoz, in his recent tweet, said that the AAVE price escaped the 900-day accumulation range and is set for a blast in the following sessions.
$AAVE breaking out of almost a 900 day accumulation range
Look for charts like this and load your bags pic.twitter.com/wbb4pe2gVK
— TraderKoz (@TraderKoz) September 22, 2024
Data from Santiment indicates that AAVE’s daily transaction volume ratio of profit to loss, based on a seven-day moving average, has spiked massively this week.
Currently, the ratio is 4.472, meaning that every transaction ends with a profit. This surge in AAVE’s price and the high profitability of its daily transactions have led its large holders to increase their exposure.
Similarly, the daily active addresses data witnessed the same and reflected an uptick at 789. It conveys that new investors have attracted attention and started chasing the bullish rally.
Total Value Locked (TVL) Witnessed a Consistent Rise
Since January 2024, AAVE’s TVL has been on the rise and has surged by almost 100%. At press time, the TVL was valued at $12.181 Billion. Typically, a rising TVL means growing investor interest, hence the price surge.
TVL Data | Source: DeFiLlama
Going forward, data from Coinglass indicates that significant long-buildup activity was happening overnight in AAVE. Its Open Interest (OI) has risen by 7.52% to $158.76 Million.
Open Interest Data | Source: Coinglass
The immediate support levels for AAVE’s crypto were around $152 and $150, whereas the prompt barriers were around $163 and $170.