Aave (AAVE) seems to be in a correction trend over the past week. Amid this correction and market volatility, crypto whales have displayed heightened interest in the coin. This is according to the latest data shared by crypto trader Ali Martinez.
Whales acquire 62 million Aave tokens
AAVE prices have remained in a restricted range for some time now. However, the latest metrics reported by Ali Martinez today showed that whales have grabbed this opportunity to massively acquire the tokens. The data indicated that institutional investors, popularly known as whales, have purchased over 62 million AAVE tokens in the last 72 hours.
Such massive acquisitions of AAVE coins signal interest and optimism among crypto whales and strategic traders. These significant purchases decrease selling pressure, suggesting a possible uptrend and pointing out the ideal time to buy Aave tokens.
Recently, World Liberty Financial (WLFI), a crypto DeFi project owned by President Trump, bought enormous amounts of Aave tokens worth $6 million. These acquisitions signal that institutional investors could be strategically creating positions in AAVE, reflecting increased enthusiasm for its long-term growth potential.
AAVE price updates
After witnessing remarkable price downsides for several days in the recent past, Aave’s market sentiment seems to turning into a positive mood. The altcoin appears making some recovery, indicating potential bullish movements. The asset’s price is currently standing at $318.54, up 0.2% over the previous day. However, its value has been down 3.1% in the past month.
Despite declines, AAVE is displaying potential indicators of upward momentum. Multiple factors are driving the rising enthusiasm for the token. Onchain data (as highlighted above) showed a substantial outflow of millions worth of AAVE tokens from exchanges. When massive amounts of tokens are pulled off from exchanges, it often indicates long-term holders or whales are acquiring the asset, which could develop buying pressure and drive a possible price upsurge.
The token’s Long/Short Ratio currently stands at 1.14, signifying that many traders are betting on AAVE’s price increasing rather than dropping. In the last 24 hours, the token’s trading volume rose by 64.60%, further cementing the positive sentiment surrounding the coin.
According to recent data posted by Ali Martinez, AAVE has broken the TD Sequential resistance trendline, signifying the altcoin is primed to experience a significant price rally ahead. The last time, the asset broke this trendline in June 2020, its price surged by 6,400%. If history can repeat itself, then such a similar pattern is set to push AAVE’s price to $3,500 soon, according to projections recently made by Martinez.
