AAVE Price Surges 25% to $270 as Market Cap Nears $4 Billion
AAVE price increased 25% in 24 hours, reaching $270 and a market cap of nearly $4 billion. This rise represents a 90% gain since April’s low of $137.
Key factors for this rally include:
- Advancement of the GENIUS Act in the Senate, aimed at establishing a stablecoin regulatory framework beneficial for DeFi protocols like Aave.
- 65% increase in daily trading volume, surpassing $800 million.
- 57% rise in daily active addresses over two days.
Aave now leads DeFi protocols with nearly $40.7 billion total value locked (TVL), reflecting a 40% increase in the past month. Year-to-date, it has generated over $250 million in fees, positioning it among the most profitable DeFi protocols.
Technical indicators show:
- Aroon Up indicator at 100%
- Aroon Down at 0%
- Chaikin Money Flow Index positive at 0.26
- Formation of a "Golden Cross" on the daily chart
The token is near the 61.8% Fibonacci retracement level at $271.35. A breakout could lead to a target of $347.19, indicating potential upside of 30%.