Despite the 3-month market correction that has driven Bitcoin price to $33,184.06, an analytics firm is sharing high whale accumulation in a DeFi-focused altcoin project and assessing its rally in the process.
DeFi altcoin project hit by whales
DeFi-focused altcoin project Aave (AAVE) has gained 26% as investors and whales have amassed 70,000 tokens, according to Santiment’s current on-chain analysis. The price increase of AAVE was similar to the price movements of altcoin projects such as Luna and Rune, which have recently risen despite the challenging conditions of the down market. According to Santiment statistics, the accumulation of addresses with assets ranging from $ 152,000 to $ 1.52 million is the main reason for the rapid increase. The company shared this data on a Twitter during the day:
Aave is up 9% in the last 24 hours and 26% in the last week. A key aspect that works in favor of the 54th largest cryptocurrency is the fact that whales have collectively accumulated 70,000 AAVE worth $10.7 million in the past 2 months.
In the previous two months, the aforementioned addresses purchased $10.7 million in AAVE, demonstrating growing interest from regular investors. In the rest of the article, let’s examine the technical view of AAVE in this accumulation process.
How was the AAVE chart shaped during the accumulation process?
According to different technical indicators such as the Relative Strength Index (RSI) and the Exponential Moving Average (EMA), AAVE is currently in the middle of a trend reversal and the price of AAVE is breaking the 50-day moving average. The RSI, which shows the current status of a crypto, is entering the “bullish” zone by breaking above 50. However, even if the indicator is close to 60, it is still far from the “overbought” zone, indicating that there is still room for expansion if the purchasing power of AAVE continues in the market.
Formerly known as ETHLend, Aave allows users to lend and borrow cryptocurrencies while also generating income by putting cryptocurrencies into liquidity pools. Users are rewarded for providing liquidity to trading pairs and swaps. Following the dramatic rise of the DeFi market, the platform’s popularity has grown as more users shift their assets to more reliable options like farming and staking. Meanwhile, one of the scourges of the DeFi market is hacking. cryptocoin.com You can reach the recent developments that we conveyed here.
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