AAVE Gains Momentum as Institutional Interest Bolsters Crypto Market Rally
AAVE surged past several key resistance points in an explosive rally, marked by rising trading volumes, especially during late-night trading when it broke the $250 psychological level.
The token has now carved out strong support near $240 while consolidating comfortably above $263, signaling the potential for continued upside amid growing institutional engagement and a strengthening crypto market.
This rally aligns with Bitcoin’s push toward new all-time highs and a wave of corporate accumulation, with companies like Strategy Corp announcing plans to raise $84 billion for Bitcoin acquisitions.
Technical Analysis Insights:
- An unmistakable uptrend with higher lows and highs, as AAVE surpassed multiple resistance levels on growing volume, according to CoinDesk Research’s technical model.
- Intense price activity between 11 PM and 2 AM, with volume peaking at 232,392 units during the breakout above $250.
- Support firmly established around $240, while $267.66 remains the next major resistance hurdle.
- Recent consolidation in the $262.12 to $267.54 range, highlighted by volatility spikes near 2:47 AM.
- Volume spikes during the 2:42 and 2:50 AM candles suggest institutional players were active.
- A higher low pattern since 3:19 AM, with a fresh uptick from $263.57 to $264.78 at 3:27 AM, pointing to renewed buying strength.
- Price currently forming a base above $263, positioning itself for a potential retest of resistance at $267.66.
