Key Notes
- Aave has solidified its position as the top DeFi protocol by TVL, which has grown 40% in the past month to $40.7 billion.
- The protocol’s year-to-date revenue exceeds $250 million, supported by a 57% spike in daily active addresses.
- Technical analysis shows strong bullish signals with “Golden Cross’ approaching, with a breakout potentially paving the way to $347.19, representing a 30% upside.
Along with the broader crypto market upside, AAVE AAVE $174.6 24h volatility: 5.5% Market cap: $2.64 B Vol. 24h: $270.65 M price has shot up 25% in the last 24-hours, shooting all the way to $270 level, with its market cap approaching $4 billion. With today’s rise in value, the altcoin has registered an impressive 90% gain from its April lows of $137.
Today’s AAVE price rally is driven by the advancement of the GENIUS Act , which is moving forward in the Senate to establish a stablecoin regulatory framework, an important component for DeFi protocols such as Aave.
As Aave heavily depends on stablecoins like USDC, DAI, and its native GHO, regulatory clarity could foster greater institutional participation and enhance confidence within its ecosystem. As a result, today’s price rally comes with a massive 65% uptick in daily trading volumes, now crossing $800 million.
Aave active addresses rise 57% in two days
The recent AAVE price increase comes as the protocol positions itself as the leading DeFi protocol by total value locked (TVL), with a nearly 40% increase over the past month to $40.7 billion, according to DeFiLlama .
This rapid growth is translating into tangible revenue, with AAVE generating over $250 million in fees year-to-date, placing it among the most profitable protocols in the DeFi space. A 57% spike in daily active addresses over the past two days has also contributed to the recent price rally.
AAVE Active Addresses, Source: Santiment
As per the image above, the weighted sentiment for AAVE has flipped positive, thereby highlighting that market participants are turning bullish for a short-term outlook. If we observe closely, a large part of the altcoin’s rally has come through AAVE buyback programs , with $1 million weekly token purchases.
Technical chart shows major strength
On the 1-day USDT chart, the Aroon Up indicator registers 100%, while Aroon Down is at 0%, indicating strong bullish momentum. The Chaikin Money Flow Index (CMF) shows a positive reading of 0.26, suggesting increased capital inflows into the token.
AAVE price, Aroon and CMF chart – Source: TradingView
The daily chart of AAVE shows the formation of a “Golden Cross” as the 50-day and 200-day moving averages inch closer to a crossover, often regarded as bullish signal.
AAVE Golden Cross – Source: TradingView
The token is approaching the 61.8% Fibonacci retracement level at $271.35. A decisive breakout above this threshold could open the path to the 50% retracement level at $347.19, representing a potential 30% upside from current levels.
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nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
