$AAVE has recently attracted the attention of many large institutions. Can this make its price soar for a while longer? Let's talk about it.
This AAVE guy has been hovering around $170 lately, trying to break through but hesitating a bit. The relative strength index on the technical chart also shows that it's currently average, neither hot nor cold. However, trading volume has increased, and there have been many long liquidations, indicating that traders have confidence in it, and the entire network is gaining popularity.
Look, big players like BlockTower Capital have bought 15,580 AAVE. The DeFi sector is really heating up now. Although AAVE's price has dropped a bit to $166.09, let's not forget that it has over $25 billion in deposits backing it up; the position of the DeFi leader is not to be underestimated.
Right now, AAVE seems to be lingering around the $170 threshold, with the 9-day and 21-day moving averages also mixing it up here, feeling a bit conflicted. Traders are keeping an eye on it to see if it can break through this barrier. The RSI index is currently at 51.28; although it hasn't reached an oversold level, if it rises a bit more, say close to 60, that might indicate a rebound.
On-chain activity is also quite lively, with an increase in transaction volume and network activity, indicating that AAVE's ecosystem is becoming more popular. Everyone seems to have confidence in it, and even if the market has some fluctuations, it doesn't dampen their affection for it.
Looking at the liquidation data, the bulls are much stronger than the bears, indicating that traders are still optimistic about AAVE making a comeback. When this sentiment rises, buying pressure increases.
Overall, AAVE now has support from large institutions, trading volume is up, and traders are quite optimistic. It looks like it is about to recover. Although the $170 mark is a bit tough to chew, as long as it breaks through, there may be a smooth path ahead.
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