AAVE Price Nears Multi-Month Resistance Ahead of Bitcoin's Sudden Sell-Off

On May 24th, the AAVE price showcased a slight uptick of 1.32% to reach a $259 trading value. The upswing followed a substantial accumulation from a crypto whale/institution

The price of AAVE rose slightly by 1.32% over the past 24 hours to reach $259 as of Thursday, May 24th. The modest gains follow a substantial accumulation from a crypto whale/institution, but a sudden sell-off in Bitcoin is limiting the growth potential.

As the AAVE price approaches a multi-month resistance level, it reaches a pivotal moment in its near-term trend. Is the altcoin ready to push through the $300 barrier?

Whale Accumulation Powers 134% Rally in AAVE Price

AAVE, the native cryptocurrency of the decentralized lending protocol Aave, has undergone a significant recovery from $114 to $266—a 134% increase — over the last seven weeks. This buying pressure follows Bitcoin’s recovery as panic selling surrounding the tariff war subsides, and AAVE coin is seeing accumulation from major buyers.

According to on-chain data from EmberCN, a crypto whale/institution sold 184.4 WBTC (worth approximately $20.4M) via Wintermute OTC yesterday and bought $15M of AAVE via Wintermute today.

Blockchain data shows a purchase of 57,715 AAVE at an average price of $289.9.

Since March 2023, this entity has been actively accumulating AAVE, currently holding 224,010 tokens worth $30.8 million. Following the recent purchase, the average cost of their accumulation has settled at $137.5 per coin, indicating a profit of $26.32 million.

Such aggressive buying from high-net-worth investors usually boosts market confidence and further accelerates the bullish momentum.

Key Resistance to Watch in AAVE Price Recovery

Despite the recent sell-off, the AAVE shows a strong sustainability above the $250 psychological level. With its intraday gain of less than 3%, the coin buyers are ready to challenge the multi-month resistance of $270.

The technical indicators of the daily chart support this breakout as the 20-day exponential moving average is on the verge of crossing above the 50 and 100-day EMI slope. If successful, the buyers will push a 10% surge to challenge the downsloping resistance trendline, which has been the current correction trend in this asset.

This breakout will signal the continuation of the prevailing uptrend and surpass the previous swing high of $400.

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