AAVE price likely on the brink of bullish breakout according to on-chain metrics

AAVE, an Ethereum-based protocol token, is likely heading towards a bullish breakout according to on-chain metrics from Santiment. The largest 150 wallets in AAVE’s network now hold 9.61 million tokens.

According to data from crypto intelligence tracker Santiment, the total volume of AAVE tokens held by the largest 150 wallets has climbed to 9.61 million, the highest level since July.

Accumulation of AAVE by the largest wallet holders is typically followed by a local top in the asset’s price, as seen in previous instances between June and December 2023. The asset’s RSI on the 12-hour chart dropped to 40, this is the level where AAVE prices bounce historically. Analysts at Santiment therefore predicted a bullish breakout in AAVE.

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