AAVE Crypto Poised for a Potential Upside as It Eyes a Breakout Above the $400 Mark

Aave (AAVE), a decentralized finance (DeFi) token, has surged to its highest level since September 2021. It has been on a steady uptrend and continued to outperform the market.

Aave (AAVE) crypto price is eyeing a follow-on surge to smash the $400 level after a massive surge of over 35% in a week.

At press time, AAVE price trades at $378.07 with an intraday rise of over 1.90% to depict a bullish stance. Its market cap surges to $5.67 Billion, ranking 29th among the top crypto coins.

Although there have been consolidating moves in the last 48 hours, AAVE crypto has generated enough bullish sentiment that could propel it toward the $400 mark in the coming days.

AAVE Crypto Price Set for Potential Upside

According to data from DeFiLlama, AAVE’s Total Value Locked (TVL) has experienced a substantial uptick, moving closer to $22.5 Billion at press time.

This significant uptick in TVL reflects increased investor confidence and improved liquidity.

Meanwhile, AAVE’s new adoption rate has shown an increase in the past few weeks, indicating a sustained demand. A strong and stable adoption rate means that the token is poised for significant growth in the long term, as it shows resilience despite market volatility.

A recent tweet by Team LAMBO Charts highlights that AAVE crypto price is moving through the extended flag pattern and consolidating near the upper trajectory.

A breach of the resistance at $400 could potentially lead to a 30% move toward $500 and $600 in the coming sessions.

Furthermore, large holders and whales are actively engaging with the altcoin and accumulating it. Over the last 24 hours, large transactions have surged more than 7%, indicating increased demand and adoption.

Also, the active addresses have surged over 1.20%, which suggests that the token has experienced positive fundamentals and could see an upswing ahead.

As bullish enthusiasm builds, the altcoin could break the sideways movement and see follow-on bullish momentum.