• Aave (AAVE) surged to $340 after a $6.32M transfer from an inactive whale, signaling potential market impact.
• Analysts highlight the asset is forming a possible three-year ascending triangle, suggesting long-term upside potential.
• Trading volume increased to $1.65B (+3.48%) and open interest rose 1.57% to $682.65 million, reflecting steady accumulation.

AAVE surged to $340 after a large wallet transferred $6.32M, suggesting possible market movements. At the time of writing, the altcoin is trading at $326.50, with a 24-hour trading volume is $1.38 billion, with a market capitalization of $5.03 billion. The token has seen a 1.48% increase in the last 24 hours, indicating rising investor interest.

Inactive Whale Reactivates Shifts AAVE and PAXG

Crypto analyst Jessica Gonzales noted significant activity from a previously inactive large holder. A combined $6.32 million in AAVE and PAXG was transferred out of Binance over the last day after four months of dormancy.

Specifically, 10,019 AAVE ($2.97M) and 1,000.58 PAXG ($3.35M) were transferred out, suggesting that the wallet is either preparing for a long-term hold or positioning for a possible move to impact the market.

AAVE Shows Bullish Signs Could Spark Major Upside

Another analyst, Jirean, pointed out that the asset’s technical formation appears bullish. Ever since the 2022 low, each pullback in the price has seen steady buying support, slowly but surely morphing into what could become a three-year-old ascending triangle on the monthly chart. It’s still early to speculate, but this formation could produce significant upside in the months to come.

AAVE has become one of the cornerstones of decentralized lending and remains relevant as the crypto space continues to mature. Should Bitcoin (BTC) and Ethereum (ETH) continue to move upward, the coin’s current configuration could turn out to be one of the most bullish plays in this cycle, with potentially intriguing returns.

AAVE Trading Volume Sees Modest Rise

AAVE’s derivatives market registered a 3.48% rise in volume, reaching $1.65 billion. This indicates a slight increase in market participation, with more investors entering the market compared to previous sessions. The volume increase shows that participants are accumulating short-term interest.

As volume increased, open interest also rose by 1.57% to $682.65 million. This implies an increase in position holdings, reflecting a cautious but steady market sentiment. Such increases usually indicate investors’ expectations of further price movement.

Also Read | AAVE at a Critical Point: Can $265 Hold or Will It Fall to $180?

OI Weighted Indicates Stable Funding

The OI weighted rate is 0.0147%, which implies fairly stable funding rates for investors. The balancing effect of such an equilibrium prevents massive funding-based liquidations and puts the market in a better position for short and long positions.

Recent charts indicate that the asset’s price is tracking closely with OI-weighted movements. When such metrics are in sync with each other, they often precede more sustainable market movements, as trading activity is supported by steady position holdings and stable funding rates.

Also Read | AAVE Price Prediction: Support at $227 Could Set Stage for Next Rally