- Aave has surged over the past 24 hours to hit a three-year high of $359.
- The coin’s mean dollar invested age has dropped as old coins entered circulation.
As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous bull runs and bear markets. However, the recent surge of Aave [AAVE] to a three-year high of $359 is truly remarkable, especially given the current economic climate.
In the last day, Aave [AAVE] has seen significant growth, climbing from $269 to reach a new peak it hasn’t seen in three years at $359.
Currently, as I’m typing this, the price of Aave is being traded at approximately $353. This represents a significant jump of 32.82% in its daily price chart.
Lately, the surge has sparked discussions among analysts regarding its underlying causes. Interestingly, Santiment suggests that a significant decrease in “average dollars invested age” could be a key reason for Aave’s upward trend.
A 3-year high
Based on Santiment’s analysis, Aave has broken through the $300 barrier for the first time in three years due to large, previously inactive investors transferring their older coins.
As the average age of each dollar’s investment decreases, it suggests that significant investors are actively transferring their dormant tokens into the market. This action fuels optimistic trends in the altcoin market. If these ‘whale’ investors persist in circulating older coins, the price surge may experience robust upward momentum.
Over the last few hours, it’s been observed that whales (large-scale investors) have been moving around old coins while working alongside Blockchain Capital.
As reported by SpotOnChain, an entity awakened from a two-year slumber and transferred 16,964 Aave tokens valued at approximately $5.06 million to FalconX.
Reviving funds in idle wallets is essential for the surge, since it increases market fluidity and maintains the network’s active participation.
Although this entity added funds (made a deposit), fresh investors have joined the market. Consequently, World Liberty has been actively acquiring 3357 tokens in the last day, with an average purchase price of around $297.8.
As substantial investors begin to stockpile and previously inactive “whales” re-enter the market by circulating their coins, there’s a good chance that the current surge will continue gaining momentum.
However, it’s worth noting that a retrace could occur as soon as large wallets ‘put on the brakes’.
Can Aave sustain the uptrend?
Aave is currently experiencing a strong uptrend as dormant whales have revived the market.
As purchasing interest rises and optimism grows, the value of this altcoin might continue climbing as depicted on its graphical representations.
Read Aave’s [AAVE] Price Prediction 2024-25
Based on current trends, it’s likely that Aave may encounter strong resistance near $378. If it manages to surpass this point, we might see Aave reaching $400.
Should substantial wallets decide to cease distributing older coins, there’s a possibility of a price correction happening. Under such circumstances, I anticipate that the value of Aave might dip down to around $297.
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2024-12-12 15:35