Aave

Convergence

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AAVE, the native token for the decentralized lending platform Aave, has caught the attention of whales as the token’s price has jumped over 30% in the past week. 
At the time of publication, Aave (<a href="https://crypto.news/price/aave/" target="_blank" rel="noreferrer noopener">AAVE</a>) was the 44th largest cryptocurrency, up from the 47th position it stood at on Aug. 20. The token’s market cap exceeded $2 billion and was up more than 3% over the past 24 hours. 
According to price data from crypto.news, AAVE was trading at $137.64, down from its weekly high of $142.16 reached on Aug. 22. The token was up 30.9% over the past week and over 47.7% in the last 30 days. Despite the recent rally, the token is still down 79.2% from its all-time high of $661.69, reached in May 2021. 
The surge has been primarily fueled by intense whale activity recorded over the past week. Most recently, on Aug. 22, Lookonchain data revealed that a whale scooped up roughly $10.4 million worth of AAVE for 4,000 staked Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) in less than 24 hours. 
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 Crazy buying of <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$AAVE</a>! This whale spent 4,000 <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$stETH</a>($10.4M) to buy 77,270 <a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$AAVE</a> at $135 in just 1 day! Address: 0xa923b13270f8622b5d5960634200dc4302b7611e <a href="https://t.co/jSMKOiTT0Z" target="_blank" rel="">pic.twitter.com/jSMKOiTT0Z</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826451034765697119?ref_src=twsrc%5Etfw" target="_blank" rel="">August 22, 2024</a>
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The massive purchase was preceded by significant whale activity <a href="https://crypto.news/aave-price-rallies-12-amid-surging-whale-activity/" target="_blank" rel="noreferrer noopener">recorded on Aug. 20</a>, with two whales buying $3.92 million worth of AAVE, with another large investor joining the trend the following day with a&nbsp; <a href="https://x.com/lookonchain/status/1826118731551912136" target="_blank" rel="">$6.65 million investment</a> into the token. 
A look into <a href="https://app.intotheblock.com/coin/AAVE/deep-dive?group=ownership&amp;chart=all" target="_blank" rel="">data</a> from IntoTheBlock shows that whales holding over 1% of Aave’s circulating supply controlled 59.43% of AAVE’s total supply. The <a href="https://crypto.news/aave-rallies-10-amid-surging-whale-activity/" target="_blank" rel="noreferrer noopener">high concentration of whales</a> suggests that the token’s price is being influenced by these large holders.&nbsp; 
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 AAVE concentration chart | Source: <a href="https://app.intotheblock.com/coin/AAVE/deep-dive?group=ownership&amp;chart=all" target="_blank" rel="">IntoTheBlock</a>
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Further data shows a significant surge in both the inflows and outflows of AAVE among large holders, with inflows increasing by 90.37% and outflows by 95.79% over the last seven days.&nbsp; 
However, the net flow of AAVE among large holders has jumped 364.73% during the same period, signaling that buying interest is currently prevailing, contributing to the upward momentum in AAVE’s price. 
 You might also like: <a href="https://crypto.news/aave-v3-goes-live-on-zksyncs-era-mainnet/"> Aave V3 goes live on ZKSync’s Era mainnet </a> 
<h2 class="wp-block-heading" id="aave-currently-in-overbought-zone">AAVE currently in overbought zone</h2> 
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 <img loading="lazy" decoding="async" width="1450" height="978" src="https://crypto.news/app/uploads/2024/08/AAVEUSDT_2024-08-22_12-59-58.png" alt="AAVE up over 30% in past week as whale activity intensifies - 22"> 
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 AAVE price, MACD, and RSI chart – Aug. 22 | Source: <a href="https://crypto.news/price/aave/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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On the 4-hour candlestick chart of AAVE/USDT, its Relative Strength Index was at 73.93, suggesting that the token is currently overbought. The Moving Average Convergence Divergence, however, shows that the bullish momentum is still in play, as the MACD line remains above the signal line with positive histogram bars. 
This likely means that while AAVE may be overbought, the upward momentum could continue for a bit longer, fueled by whale buying. However, overbought conditions often precede a price correction or consolidation phase, so traders might be looking to take some profits in the short term. 
 Read more: <a href="https://crypto.news/aave-secures-top-gainer-spot-with-9-surge-in-24-hours/"> AAVE secures top gainer spot with 9% surge in 24 hours </a>

AAVE up over 30% in past week as whale activity intensifies

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