Did you know? Why 68% of top traders are firmly bullish on Aave's future?

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Aave bucks the market trend

At press time, the broader cryptocurrency market is struggling, including major assets such as Bitcoin [BTC], Ethereum [ETH], and Solana [SOL]. Meanwhile, AAVE leads the market with a 15% upward momentum.

This bullish momentum is driven by increased interest from traders around the world, according to on-chain analytics firm Coinglass.

Data shows that AAVE's futures open interest has surged by 15% in the past 24 hours, highlighting how traders are taking advantage of the current market sentiment and establishing new positions.

In addition to on-chain indicators, Binance's AAVE/USDT long/short ratio currently stands at 2.10, indicating strong bullish market sentiment among traders.

On-chain data further shows that among the top traders on Binance, 68.50% hold long positions, while 31.50% hold short positions.

However, the surge in AAVE participation came after a successful retest of a key breakout level, a move that the altcoin has never achieved so far after a breakout. In short, AAVE has formed a bullish price action pattern.

Based on recent price action and historical momentum, if the altcoin closes above $340 on a daily basis, there is a high chance that it will surge 25% to $415 levels in the near future.

In addition to the bullish outlook, AAVE’s recent price drop is seen as a price correction that is currently showing signs of a potential rebound.

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