AAVE Climbs as DeFi Market Hits All-Time High of $219B
Aave’s AAVE token showed strong upward momentum on Oct. 3, rebounding from last week’s lows and overcoming key resistance levels despite short-term profit-taking above $290.
The token gained 2% in the past 24 hours and is up 6% on the week, finding solid support around $284–$285 while consolidating near the $290 mark.
The broader crypto market also contributed to the rally, with Bitcoin (BTC) breaking past $122,000, inching closer to its August record high. Meanwhile, the DeFi market surged to a record $219 billion in total assets, according to DeFiLlama.
Aave Platform Sees Record Activity
Deposits on Aave reached a record $74 billion, reinforcing its position as the top DeFi lending platform. The surge was partly driven by a new partnership with Plasma, a stablecoin-focused blockchain, whose lending market on Aave grew past $6 billion in less than a week.
Technical Overview
- Intraday Range: $279.16–$294.33, with the token peaking at $290.37.
- Support Levels: $284–$285 remain well defended.
- Resistance Levels: $290–$294 continues to cap short-term gains.
- Volume: Trading surged to 143,188 units, significantly above the average of 37,000.
- Pattern: Consolidation near current levels indicates potential accumulation, with technical indicators pointing to further upside despite temporary profit-taking.
