Aave [AAVE] has been making headlines in the cryptocurrency sphere, recording a remarkable 53% increase in market cap over the past fortnight.
This substantial growth could be attributed to speculation surrounding favorable crypto regulations anticipated under the Trump administration.
Changing times have brought about a surge in positive market sentiment for AAVE.
An Overview of AAVE’s On-Chain Surge
The past 24 hours have been exceptional for AAVE, with significant on-chain metrics hinting at heightened market activity.
Santiment’s data reveals that AAVE whale transactions have reached 587, marking the highest figure since March 2022, indicating substantial institutional interest and potential market shifts.
Simultaneously, the transaction volume has soared to 385.9 million, which is the most substantial volume recorded since October 2021.
Furthermore, network engagement shows 2,346 unique addresses involved in transactions, a level unseen since June 2023.
Positive Signals from Technical Indicators
From a technical perspective, the coin is displaying bullish signals. As of the present moment, the altcoin is trading slightly above a crucial weekly resistance level at $244.
AAVE has exhibited strong bullish momentum, surpassing the $244 resistance level with a recent increase of 21.63%.
This breakthrough highlights robust buying interest, with the next target being $252.59. If this trend persists, the altcoin could potentially reach $270.
The Current Battle Favors the Bulls
Analysis of Coinglass data by CryptoCrypto indicates a spike in the altcoin’s Long/Short ratio, suggesting a recent dominance of long positions, with over 50% of traders opting for long positions.
This reinforces the probability of an anticipated bullish upsurge, particularly as the coin is currently trading above a significant entry level.
Collectively, fundamental, on-chain, and technical indicators align, indicating a forthcoming bullish rally for the coin.
If the bullish momentum sustains above the $244 price level, the altcoin may head towards testing higher resistance thresholds.