Will $AAVE Price Rally Following Aave Protocol Upgrade?

AAVE price has gained significant momentum by rising over 118% in a year even though last week seemed sluggish a bit

Analysis of the recent AAVE price action reveals that the price has indeed been positive since October 2023, as it followed an ascending support trend line. Indeed, it successfully made multiple attempts to break above the resistance level of $150.

While the recent upgrade to Aave v3.2 has undoubtedly equipped the protocol with significant new functionalities that could underpin price rally.

Overall, the upgrade improves capital efficiency and user experience, both elements that could sustain growth. But at key resistance zones, the move into new highs would be highly contingent on wider market conditions at key resistance zones, user adoption in the feature set updates, and any influences emanating from regulatory development or overall market sentiment of the DeFi market.

In August 2024, the DeFi token price managed to close above this pivotal resistance, marking a breakout. After that, it reached the highest weekly close since 2022, including a new yearly high of $177.21 on November 23.

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According to Michael Nadeau, founder of the DeFi report, this protocol is way ahead of its closest rivals, commanding an astonishing 64% share of the lending and borrowing market. At the same time, it has 4.6 times more active loans compared to its closest competitor, Spark Protocol.

As a matter a fact, this protocol has, together with MANA and GRT recently emerged as three altcoins that could enjoy a price surge as the crypto market rebound.

While AAVE is indeed one of the top DeFi protocols, it should be duly noted that its active loans and TVL are around 60% lower than their all-time highs, with 84% of its loans currently deployed on the Ethereum network.

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