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.

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.

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.

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: peshkov/123RF // Image Effects by Colorcinch