AAVE Climbs 24%, Breaks Key Resistance Amid Rising Institutional Interest
AAVE surged over 24% in a dynamic rally, breaking through several critical resistance levels on notably increased volume, with significant gains recorded during late-night trading hours as it moved past the important $250 barrier.
The cryptocurrency has established a strong support zone around $240 and is currently consolidating above $263, hinting at further upside potential fueled by growing institutional demand and broader market strength.
This upward momentum coincides with Bitcoin’s march toward fresh all-time highs and heightened corporate accumulation of digital assets, highlighted by Strategy Corp’s plan to raise $84 billion for Bitcoin investments.
Technical Highlights:
- An evident upward trend characterized by a series of higher lows and highs, with AAVE overcoming multiple resistance points on surging trading volume, per CoinDesk Research’s technical data.
- Most intense price movements occurred between 11 PM and 2 AM, peaking at 232,392 units traded as the token broke the $250 psychological level.
- Support has solidified near $240, with immediate resistance identified at $267.65.
- Price action is consolidating between $262.12 and $267.54, featuring volatility spikes around 2:47 AM.
- Volume spikes at 2:42 and 2:50 AM suggest increasing institutional engagement.
- Formation of higher lows since 3:19 AM, with a rise from $263.57 to $264.78 at 3:27 AM, signaling renewed buying pressure.
- AAVE remains above $263, eyeing another push to overcome $267.65 resistance.
