Aave Rallies 25% in 7 Days and 5% in 24 Hours
The number of Aave holders has been dropping over the past week, but the token has still performed well. Aave has gained 25% over the last seven days and is up 5% in the past 24 hours. Currently, it’s trading...
The number of Aave holders has been dropping over the past week, but the token has still performed well.
Aave has gained 25% over the last seven days and is up 5% in the past 24 hours. Currently, it’s trading at $102.20, a price not seen since late May.
Aave Surges 25% in a Week Amid Market Momentum
Aave has surged by 25.3% over the past week, riding the wave of positive crypto market momentum. Its market capitalization now stands at $1.52 billion, making it the 53rd-largest cryptocurrency.
Aave price, RSI, open interest and amount of holders – July 14 | Source: Santiment
The price rally coincides with a 7.5% increase in the Total Value Locked (TVL) of the lending decentralized finance (DeFi) protocol, reaching $12.3 billion. Additionally, the platform has accumulated $5.38 million in fees and generated over $862,600 in revenue in the same period, according to Defi Llama’s data.
Despite this growth, the total number of Aave holders has decreased slightly from 168,340 to 167,900 unique addresses in the past seven days, as reported by Santiment.
Aave’s Market Dynamics: Rising Open Interest and RSI Trends
Recent data from the market intelligence platform reveals a significant increase in Aave’s total open interest, climbing from $31 million on July 7 to $55 million. This surge suggests potential high price volatility due to possible whale movements and increased liquidations.
The Relative Strength Index (RSI) for Aave has also been rising steadily over the past week, moving from 38 to 63. This upward trend indicates that the token may be slightly overbought, and short-term profit-taking could be expected under these conditions.
To maintain its bullish stance, Aave’s RSI would need to decrease and stabilize below the 50 mark.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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