AAVE Breaks Resistance as DeFi Market Hits Record $219B Size
Aave (AAVE), the native token of a major DeFi lending protocol, has shown a strong rebound, breaking through key resistance levels.
- AAVE gained 2% in the past 24 hours and is up 6% for the week.
- Support is established at $284-$285, currently consolidating around $290.
The broader crypto market also rallied:
- Bitcoin (BTC) surpassed $122,000, nearing its August high.
- DeFi market assets reached a record $219 billion, according to DeFiLlama data.
Aave deposits increased to a record $74 billion, maintaining its leading position among DeFi protocols. This growth was fueled by a new partnership with stablecoin-focused chain Plasma, leading to the Plasma lending market on Aave exceeding $6 billion within a week.
Technical Analysis Indicates Continued Momentum
- Price increased by 2.33% over the last 24-hour session.
- Trading range: $279.16 - $294.33.
- Volume surged to 143,188 units, surpassing the average of 37,000.
- Support level: $284-$285.
- Resistance zone: $290-$294.
- Intraday high: $290.37 before reversing.
- Current consolidation pattern observed.