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, but a sudden sell-off in Bitcoin is limiting growth potential. The AAVE price is nearing a multi-month resistance potential, suggesting a pivotal moment in its near-term trend. Is altcoin ready to push the $300 barrier?
Whale Accumulation Powers 134% Rally in AAVE Price
AAVE, the native cryptocurrency of the decentralized lending protocol Aave, witnessed a notable recovery from $114 to $266—a 134% increase — in the last seven weeks. This buying pressure followed Bitcoin’s recovery as panic selling surrounding the tariff war subsided, and AAVE coin witnessed 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 often 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.
Also Read: XRP Eyes $3 Rally as Volatility Shares Kicks Off First XRP Futures ETF
