AAVE, the native cryptocurrency of decentralized finance (#DeFi ) protocol Aave, has seen a huge increase in whale activity recently. As a result, the price of $AAVE has increased by 8% in the last 24 hours, reaching levels of $135.

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However, this rise has been followed by a pullback. According to the latest data from the Spot On chain, two AAVE whales have withdrawn a total of 67,197 AAVE tokens from cryptocurrency exchange Binance in the last 24 hours, worth a total of $9.02 million.

The two whales identified as 0x3f9 and 0x64c, who likely belong to the same entity, first withdrew 16,592 AAVE tokens worth $2.22 million about 50 minutes ago.

On the other hand, another address 0xa92 withdrew a total of 50,605 AAVE tokens worth $6.8 million about 20 hours ago. Thus, the total withdrawals for AAVE reached 125,605 tokens, which is worth an incredible $16.9 million.

The significant whale activity comes as AAVE gains momentum thanks to its new economic model. Since the end of July, the AAVE price has skyrocketed from $90 to $143, making it one of the best-performing DeFi tokens in the market.

The technical chart shows that the AAVE price has made a breakout from the converging channel pattern and is ready to surge by another 25% to $168.

Daily trading volumes have also increased by more than 50%, which could further support the move. Therefore, continued AAVE whale activity could make this possible. World of Charts has shared the AAVE breakout and is expecting more upside ahead.