Here’s Why AAVE Price Pumped 35% This Week

AAVE is a top crypto gainer among top100 coins per market cap this week. Now trading at $133, hte AAVE price pumped 9% again today even though the market is sluggish.

The price of AAVE (CRYPTO: AAVE) surged 9% again on Monday morning even as the broader market remained largely flat.

What Happened: AAVE, a top crypto gainer among the top 100 coins by market capitalization, was trading at $133.15 with about 11:00 a.m. ET. The token surged over 35% in the last seven days.

Several large trades were executed for AAVE, الصفقة المشفرة العليا، قد يكون أحد الأسباب.

On-chain data showed some accumulation of AAVE by large investors.

Wallet address ‘0xa923’ purchased 50,908 AAVE tokens, valued at $6.65 million, and ‘0x0945’ bought 11,101 AAVE tokens for $1.45 million, both trades took place earlier in the day.

Whales are still buying $AAVE!

0xa923 spent 2,575 $stETH($6.65M) to buy 50,908 $AAVE at $131 in the past 7 hours.https://t.co/Cn5oNqKFB2

0x0945 spent 563 $ETH $($1.45M) to buy 11,101 $AAVE at $130 5 hours ago.https://t.co/O3MlkWONLXhttps://t.co/me0PWuZtgR pic.twitter.com/NO0E8VPBsE

A technical analysis of the AAVE chart also pointed toward a bullish outlook.

According to World of Charts, a prominent technical analyst, AAVE recently broke out of a bullish continuation pattern, known as a symmetrical triangle.

The breakout above the upper descending trendline of the triangle indicated that the price was poised to continue its rally.

World of Charts noted that the height of the triangle, when projected from the breakout point, offered a potential price target of $200 for AAVE.

This target indicated an increase of around 86.31 USDT, or a gain of 74.51%, from the breakout level, which was situated around $115-$120 and now acted as a strong support zone.

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Continuing Bullish Momentum: AAVE’s price had already moved up significantly, highlighting the strength of the breakout.

As long as the price remained above the support zone of $115-$120, the bullish outlook was likely to continue.

The next major resistance level was around the $200 mark, where some profit-taking was to be expected.

Overall, the combination of strong on-chain activity and a favorable technical setup appeared to be contributing to AAVE’s impressive price performance this week.

Investors were likely to be keeping a close watch on the cryptocurrency’s progress as it aimed to reach its price target of $200.