AAVE is a top crypto gainer among top100 coins per market cap this week. Now trading at $133, hte AAVE price pumped 9% again today even though the market is sluggish.

In the last 7 days, the AAVE price pumped over 35%. So, what’s driving the surge? One of the reasons is likely that just traders are backing AAVE more.

The recent price surge can be attributed in part to increased buying activity from traders. On-chain data reveals some AAVE accumulation by large investors.

LookOnChain reported that the wallet address ‘0xa923’ purchased 50,908 AAVE tokens worth $6.65 million today, while ‘0x0945’ bought 11,101 AAVE tokens for $1.45 million also earlier today.

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/Cn5oNqKFB20x0945 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

Technical analysis of the AAVE chart also points to a bullish outlook. According to a prominent analyst from World of Charts, AAVE has recently broken out of a symmetrical triangle pattern, a classic bullish continuation signal. The breakout above the upper descending trendline suggests that the price is poised to extend its rally.

Source: X/WorldOfCharts1

The analyst’s technical assessment indicates a potential price target of $200 for AAVE, calculated from the height of the triangle projected from the breakout point. This target represents an approximate 86.31 USDT increase, or a 74.51% gain from the breakout level around $115-$120, which is now acting as a strong support zone.

Read also: Forget Solana: Tron (TRX) Price Will Go ‘Parabolic’ but There’s a Catch

Continued Bullish Momentum

AAVE’s price has already moved up significantly, reflecting the breakout’s strength. As long as the price holds above the $115-$120 support zone, the bullish outlook remains intact. The next major resistance level is around the $200 mark, where some profit-taking is likely to occur.

Overall, the combination of strong on-chain activity and a favorable technical setup has contributed to AAVE’s impressive price performance this week. Investors will be closely watching the cryptocurrency’s progress as it aims to reach its $200 price target.

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