Aave (AAVE) price traded slightly higher during the Asian session on Thursday after a sharp increase on Wednesday. On-chain data shows that open interest (OI), daily active addresses, and development activity are all increasing, suggesting a bullish trend.

Additionally, Artemis Analytics also pointed out that the revenue of this DeFi platform has reached its highest level since late February, which is another encouraging sign for the prospects of the top DeFi token.

AAVE Price Shows Growth Potential

Aave price retested and bounced from the support zone, located between $76.83 and $72.55, on August 5. It found support at the 200-day Exponential Moving Average (EMA), hovering around $96.13. At the time of writing, the price is trading up slightly by 0.27% at $106 after a strong 8.4% increase on Wednesday.

If the 200-day EMA holds as support, Aave price could rally 10% to retest the daily resistance at $116.02.

The Relative Strength Index (RSI) on the daily chart is trading above its neutral level of 50, and the Awesome Oscillator (AO) is trading just below its neutral level of 0. To maintain the uptrend, both of these momentum indicators need to stay above their neutral levels, which could add further momentum to the current rally.

AAVE/USDT Daily Chart

AAVE on-chain metrics improve

Santiment's Development Activity Index shows project development activity over time based on a number of development-related events in the project's public GitHub repository.

In the case of AAVE, the index has been increasing since July 24, which suggests that AAVE development activity is increasing, further reinforcing the positive outlook.

AAVE Development Activity Index Chart

Data from CoinGlass shows that open interest in Aave futures contracts across exchanges is also rising. OI indicates the total number of derivative contracts that have not been liquidated and whether inflows into the contract are increasing or decreasing.

An increase in OI represents new or additional money flowing into the market and new buying demand, which indicates an uptrend. When OI decreases, it is usually a sign that the market is liquidating, many investors are leaving the market and the current price trend is ending.

The chart below shows that AAVE's OI increased from $60.2 million on Monday to $90.3 million on Wednesday, indicating that there is new or additional money flowing into the market and new buying demand is emerging.

AAVE Open Interest Chart

Santiment's Daily Active Addresses metric, which tracks network activity over time, is consistent with the positive outlook noted from a technical perspective. An increase in the metric signals increased blockchain usage, while a decrease in the number of addresses indicates reduced demand for the network.

In the case of AAVE, the number of Daily Active Addresses increased by 90% in just one day and has been continuously increasing this week, showing that the demand for using AAVE's blockchain is increasing.

AAVE Daily Address Chart

Additionally, data from Artemis Analytics shows that AAVE generated $1.2 million in revenue on Monday, the highest daily revenue since late February, further bolstering the bullish outlook.

Aave Revenue Chart

While the positive outlook is suggested by technical analysis and on-chain data, if AAVE’s daily candle closes below the daily low of $90.19 on August 12, the outlook will turn negative. This scenario could result in a 15% drop to retest the weekly support at $76.83.



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