#MarketSentimentToday #Write2earn
AAVE Price Poised for Growth Despite Whale Selling Pressure
#AAVE #AaveProtocol #Altcoins
AAVE is showing bullish momentum despite a generally bearish crypto market, but it may face selling pressure from whale investors.
Whale Influence on AAVE
Recent selling by large AAVE holders, who offloaded over $5.25 million worth of the token in the last 48 hours, has temporarily slowed AAVE’s rally. Although this sell-off is small relative to their total holdings, it could pose headwinds for the altcoin.
AAVE’s Independence from Bitcoin
AAVE's low correlation with Bitcoin, now at 0.03, means it is less affected by Bitcoin’s price movements. This independence could help AAVE sustain its upward momentum despite broader market trends and mitigate the impact of further whale selling.
AAVE Price Outlook
Currently trading around $105 within a broadening ascending channel, AAVE could see a 30% rally if it breaks above the $124 resistance level, targeting $163. However, it must establish $116 as support to confirm this bullish trend. Failure to do so could lead to continued consolidation between $116 and $89.
