- AAVE’s large volume surged more than 150% in the last 24 hours.
- AAVE inflows to exchanges have increased over the past three days, indicating potential volatility ahead.
According to data from IntoTheBlock, whales have taken notice of AAVE’s recent price action. According to data from IntoTheBlock, large transactions in altcoins surged 150% in a single 24-hour period.
This increase in whale activity indicates that large players may be interested again, perhaps due to the recent AAVE price decline. Whales tend to move markets, and their more active participation is often a sign of a potential trend reversal or acceleration.
Source: IntoTheBlock
AAVE exchange inflow surges
This surge in whale activity coincided with increased AAVE influx into the exchange. In fact, exchange inflows have steadily increased over the past three days, which may suggest that some traders are preparing to liquidate or redeploy their holdings.
These moves usually occur before high price volatility and can potentially indicate significant moves for your cards.
Source: CryptoQuant
A bullish bias is seen at key levels.
In addition to the scale of this heightened activity, AAVE has been showing signs of a bullish bias. At press time, the altcoin had a liquidation pool worth $583,000 at the $291 price level, an important threshold for market participants.
This pool represents a leveraged position that could lead to a rally if broken, potentially pushing AAVE closer to the psychological $300 level. This level of liquidity concentration highlighted investor optimism. $291 could provide a springboard for further gains if the prevailing market momentum continues.
Conversely, failure to break this resistance level could lead to a short-term downtrend as traders re-evaluate their positions.
Source: Coinglass
Technically, AAVE’s price surged past the key weekly resistance level of $243 prior to the recent short-term correction, marking a breakthrough. Perhaps this is where the 72% of investors who are already making profits come out of the take-profit stage.
Needless to say, FOMO has encouraged many large companies to invest in the dip. As of now, the next major resistance target is the $300 price level.
Source: TradingView
Greater whale activity and convergence of inflows pointed to explosive movements in popular altcoins. If whales continue to buy and retail takes over, the price of AAVE could test the aforementioned resistance level in the coming days.