bullish

Rally

when

PEPE

<ul>
 <li>AAVE surges 36%, hitting a five-month high despite market uncertainty.</li>
 <li>Whale accumulation and increased adoption drive AAVE’s bullish momentum.</li>
</ul>
AAVE has defied the market’s turbulence with a 36% surge over the past seven days. It recently reached a five-month high of $143. As of now, the token is trading at $135.98, reflecting a 5% increase in the last 24 hours. During the same period, trading volume has risen by 17%, while the market cap has grown by 5%. This performance comes despite a 3% decline in the price of the largest <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a>, Bitcoin.
The strong buying momentum behind AAVE is largely attributed to whale accumulation and on-chain expansion, signaling the potential for further recovery. Adding on to it, On-chain analytics platform <a href="https://x.com/lookonchain/status/1825772027590123561" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a> reported significant whale activity, including 0xa923, who spent 2,575 stETH (approximately $6.65 million) to purchase 50,908 AAVE at $131 within the last 10 hours. Additionally, 0x0945 acquired 11,101 AAVE at $130, spending 563 ETH ($1.45 million) just seven hours ago.
This whale activity follows a similar pattern observed yesterday when two large investors bought 31,407 AAVE ($3.92 million) in just four hours. Notably, whale “0x3737,” who holds 3.56 trillion PEPE tokens valued at $28.4 million, with a $28 million profit on <a href="https://thenewscrypto.com/pepe-pepe-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">PEPE</a>, purchased 17,690 AAVE at $123, spending 813 <a href="https://thenewscrypto.com/ethereum-eth-supply-in-profit-drops-to-lowest-since-november-2023/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> ($2.18 million) within the same timeframe.
Meanwhile, AAVE’s adoption is on the rise, as evidenced by increased wallet activity and open interest, which hit $137.62 million yesterday, marking the highest level since June 2022.
<h3 class="wp-block-heading" id="h-what-is-aave-s-next-target">What Is AAVE’s Next Target?</h3>
The daily chart shows the 9-day Exponential Moving Average (EMA) at $117, supporting the bullish trend. However, with the daily RSI at 74, it is currently in overbought territory.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="347" src="https://thenewscrypto.com/wp-content/uploads/2024/08/Aave-on-Ethereum-AAVE-16.04.16-21-Aug-2024-1-1024x347.png" alt="" class="wp-image-106115" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/Aave-on-Ethereum-AAVE-16.04.16-21-Aug-2024-1-1024x347.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/Aave-on-Ethereum-AAVE-16.04.16-21-Aug-2024-1-300x102.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/Aave-on-Ethereum-AAVE-16.04.16-21-Aug-2024-1-768x260.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/Aave-on-Ethereum-AAVE-16.04.16-21-Aug-2024-1-1536x520.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/08/Aave-on-Ethereum-AAVE-16.04.16-21-Aug-2024-1-2048x693.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 AAVE Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div>
Should bullish momentum persist, resistance levels at $153 and $166 may be tested. Conversely, a bearish turn could see the price drop to $104, with further support at $94.
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Is AAVE Poised for a Major Rally After Hitting a 5-Month High?

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