Yesterday, $AAVE experienced a surge in daily active addresses, reaching 1.73k—the highest point in over a year.
This increase in activity coincides with significant whale purchases, signaling growing interest and confidence in the DeFi token.
Daily active $AAVE addresses have surged to the highest point in over a year yesterday, reaching 1.73k. pic.twitter.com/ysOaSydItX
— IntoTheBlock (@intotheblock) August 21, 2024
In the past seven hours, the whale wallet 0xa923 spent 2,575 $stETH (valued at $6.65 million) to purchase 50,908 $AAVE at a price of $131 per token. Additionally, the wallet 0x0945 acquired 11,101 $AAVE at $130 per token, spending 563 $ETH (equivalent to $1.45 million) just five hours ago.
Whales are still buying $AAVE!
0xa923 spent 2,575 $stETH($6.65M) to buy 50,908 $AAVE at $131 in the past 7 hours.https://t.co/Cn5oNqKFB2
0x0945 spent 563 $ETH $($1.45M) to buy 11,101 $AAVE at $130 5 hours ago.https://t.co/O3MlkWONLXhttps://t.co/me0PWuZtgR pic.twitter.com/NO0E8VPBsE
— Lookonchain (@lookonchain) August 21, 2024
As $AAVE Breaks Out Over 2 Years Trading Range, Whales Pick Interest
These large-scale acquisitions come as $AAVE breaks out of a 2.5-year trading range. This is a critical moment for the token, as a confirmed breakout and sustained hold above this range could trigger a rapid expansion in price. Historically, when a significant amount of coins change hands within a tight trading range, a breakout often leads to a substantial move if market conditions are favorable.
$AAVE Breaking out of the 2.5 year range.
This is when you should be paying attention as a confirmed breakout and hold above the range, could lead to quick expansion higher.
A LOT of coins changed hands in this range. This usually results in a big move if the market allows it. https://t.co/Td3t4qZTn1 pic.twitter.com/ywM75o8nWd
— Daan Crypto Trades (@DaanCrypto) August 20, 2024
The recent spike in daily active addresses, coupled with the aggressive buying by whales, suggests that market participants are increasingly bullish on $AAVE’s potential for upward momentum. As the token gains traction, traders and investors should closely monitor whether $AAVE can maintain its position above the previous resistance level. If it does, the stage could be set for a significant price rally.
With market sentiment turning positive and on-chain data supporting increased activity, $AAVE appears poised for a potential breakout. This is a moment when investors should pay close attention, as the token could experience a quick and substantial move if the market continues to support its upward trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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