DeFi token Aave has turned parabolic after surging 72% over the past week. Yesterday saw the token surge by 27%, reaching the upper boundary of this price channel, and today it surged by another 45%, breaking that upper boundary and setting a new all-time high.
Initially Aave rose to $480 before coming back down to rest at $445, the resistance provided by a 1.414 Fibonacci Extension level. But from there it continued higher, eventually getting as high as $520 and is now trading beneath $500 and the $496 resistance.
On-chain data provider Santiment points towards a rise in whales as a reason for the price surge. “#DeFi is alive and well in #crypto as $AAVE has skyrocketed to a +33% gain in the past day. #Aave whales which we deem addresses holding 1,000 tokens or more (~$397K+ USD) have ballooned from 266 to 327 addresses this past month, fueling this rally.”
Due to this price rally, the total value locked for Aave has also surged over the past 24 hours by 24%. Data from DeFi Pulse shows that Aave’s TVL has reached $5 billion. This comes amidst a surge throughout the entire DeFi market which has reached a new all-time high of $32.76 billion. Aave is the second biggest contributor to this, trailing only Maker which accounts for 18% of DeFi’s total TVL.
DeFi Market Sees Massive Surge
The DeFi market as a whole has seen a massive surge with Ethereum price rising more than 100% so far this year. The combined market of top 95 DeFi assets has surged more than 279% year-to-date, and the weekly gains of the overall DeFi market currently stand at over 50%.
As far as the short-term outlook for Aave, once buyers break $500 they will face resistance at $520 which is the all-time high, followed by $548, $592, and $600. As expected, the RSI has reached extremely overbought conditions as the market turned parabolic, indicating the bulls might be slightly overstretched.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
Indexing protocol The Graph prices have painted a bullish technical pattern. GRT prices jumped nearly 21% since Apr 27.
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.