- Aave (AAVE) surges to $161.14, up 23.80% in 24 hours amid an altcoin rally.
- Significant whale sell-offs detected, with large AAVE transfers to MEXC and Binance.
- Dormant whale gains 68.7% profit after depositing 25,790 AAVE to MEXC.
- AAVE’s bullish pennant pattern hints at a potential breakout and further price gains.
In a powerful turn of events, Aave (AAVE) is catching attention with its impressive price action, as Bitcoin’s fresh all-time high is driving the altcoin rally. This surge has seen Aave carve out significant gains, with its value bolstered by rising trading activity and increased market interest.
As of now, Aave’s price stands at $161.14, reflecting a remarkable 24-hour increase of 23.80%. With a robust 24-hour trading volume of $937.03 million and a market capitalization of $2.41 billion, AAVE commands a market dominance of 0.10%.
Whale Sell-offs Raise Eyebrows During AAVE Rally
Despite the upward momentum, data from Lookonchain shows major investors—so-called ‘whales’—are offloading large portions of AAVE, potentially impacting the rally’s sustainability. On November 5, several substantial AAVE transfers occurred, signaling potential profit-taking. A whale, identified as address 0x7634, withdrew 25,790 AAVE, valued at approximately $3.39 million, from the Aave protocol and quickly moved it to MEXC.
Shortly after, address 0x790c transferred 7,822 AAVE, worth over $1 million, from Aave to Binance. Additionally, Cumberland deposited 10,000 AAVE to OKX, and GalaxyDigital followed with a 7,897 AAVE transfer to Binance, both within hours of the initial movements.
Another revealing move was tracked by Spot On Chain, where a dormant whale, holding AAVE for over 1.5 years, deposited 25,790 tokens valued at $3.38 million to MEXC. Initially acquiring 27,263 AAVE at an average price of $77.75, this whale took advantage of the price surge, unloading a large portion at $131.16, likely securing a profit of around $1.38 million, marking a 68.7% gain.
Bullish Pennant Hints at AAVE Breakout
From a technical perspective, AAVE is forming a bullish pennant pattern, suggesting the potential for further price escalation. Analysts believe a successful breakout could propel AAVE to 2x its value, as momentum indicators show a robust uptrend. Investors are advised to watch for a confirmed breakout, as it could lead to sustained gains, particularly if the broader market sentiment remains strong.
Aave’s trajectory highlights the interplay between whale actions and market dynamics as investors assess whether the recent whale sell-offs are merely profit-taking or signs of caution amidst a bullish market environment. The next few days could be crucial for Aave’s price action as it navigates the potential impact of both market enthusiasm and whale-driven liquidity shifts.
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