- Aave outperformed most crypto coins at press time.
- Aave’s funding rates showed bullish bias.
As a seasoned researcher who has witnessed the rollercoaster ride that is the crypto market, I find myself increasingly intrigued by Aave [AAVE]. At present, it seems to be outperforming most of its peers, with the AAVE/BTC and AAVE/USDT pairs demonstrating impressive growth.
It seems that Aave (AAVE) is set to carry on excelling compared to other cryptocurrencies, as indicated by the AAVE/BTC graph which shows this upward trajectory.
The AAVE/USDT pair has been steadily rising, forming higher highs and higher lows. Recently, the weekly candle closed above the true close of a consolidation range that has lasted over 800 days.
As a researcher, if the price of AAVE were to encounter a setback on the daily chart, I would closely monitor the $108 support area as it could potentially provide a crucial anchor.
So, if the cost remains over this area, these resistance levels could be possible future price goals.
If it continues to hold its value above $150, there’s potential for it to reach around $200 by the end of this phase.
It’s quite likely that the price of Aave could hit around $108 first before potentially moving up towards its $200 goal.
Funding rates turn green
According to Hyblock Capital’s analysis tool, funding rates for Aave have turned positive, suggesting that traders are becoming increasingly optimistic about its potential price increase.
Favorable financing rates indicate a growing interest in holding long-term investments, leading to an increase in market optimism and potential price rises.
Combined with the current price action of AAVE/USDT, Aave is likely to move higher.
In other words, if there’s a noticeable decline, it could be prudent to hold back or minimize your losses.
Market performance
As a researcher, I’m seeing encouraging signs that align with my bullish perspective. At present, over half (more than 55%) of Aave holders are experiencing profits given the current market price.
It’s a good sign because these investors tend not to sell off their investments, which might suggest a rising market trend. Interestingly, 8 out of 10 Aave tokens are owned by large investors, increasing the likelihood of price increases ahead.
A large portion, around 77% of Aave holders, have held their tokens for over a year.
Furthermore, transactions surpassing $100,000 collectively amount to over $411 million, while the number of Telegram members has grown by approximately 1.73%.
Presently, net incoming flows amount to approximately $14.94 million over the past week, offering extra backing for the possibility of a price increase.
Monthly revenue on the rise
Speaking financially, Aave has set a new record for monthly revenue, exceeding its highest mark from the prior cycle. Currently, Aave is earning approximately $1 million per week, with only $327K being distributed as AAVE incentives.
One way to rephrase this statement in a more natural and easy-to-read manner could be: This protocol is among a select few that have surpassed their previous high revenue marks. In July 2024, it brought in approximately 9% more than the October 2021 earnings, totaling $7.3 million.
Read Aave’s [AAVE] Price Prediction 2024–2025
The protocol has gained market share from its peers over the past two years, showcasing product-market fit (PMF).
Moreover, a proposition put forth in July 2024, proposing the installation of a fee mechanism to redistribute some of the platform’s surplus earnings to token owners, has significantly contributed to the token’s robust price growth this year.
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2024-09-09 12:08