Analysis firm Santiment, which closely follows the changes in the altcoin market, states that the Aave (AAVE) token, one of the pioneers of the DeFi (Decentralized Finance) ecosystem, shows a remarkable upward trend. As a platform that offers its users the opportunity to lend and borrow crypto assets, Aave stands out as one of the leading projects that offer financially innovative solutions.
According to data provided by Santiment, the 150 largest whales in the Aave network control more than half of the total altcoin supply. These whales hold a total of 9.61 million AAVE, leading this amount to reach the highest level in the last five months. This indicates that trust and interest in the Aave protocol has increased.
Additionally, Santiment’s detailed to the analysis According to , AAVE’s Relative Strength Index (RSI) has fallen below 40. RSI is a momentum indicator that evaluates whether the price of an asset is overbought or oversold and scales from 0 to 100. In general, an RSI reading below 30 indicates oversold, while a value above 70 indicates overbought. AAVE’s RSI falling below 40 indicates that the asset is currently at lower price levels and could be a jumping off point for a potential upside.
In terms of other crypto assets, Santiment reported that Ethereum rival Cardano (ADA) suffered a sudden loss in small wallets in mid-November:
“Cardano experienced a sudden loss of small wallets on November 17, 98.1% of which were wallets held ADA between 1-10. A decline in addresses this size or smaller generally indicates capitulation and a potential price turning point. ADA has increased 65% since then.”
NEWS CONTINUES BELOW
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