AAVE Gains Momentum as DeFi Market Hits $219B Record
Aave’s AAVE token rebounded strongly from last week’s lows on Oct. 3, breaking through key resistance levels and consolidating near $290 despite short-term profit-taking.
The token rose 2% over the past 24 hours and is up 6% on the week, establishing firm support around $284–$285. Consolidation around $290 suggests that buyers are holding the range after a strong recovery.
The broader crypto market also showed strength, with Bitcoin (BTC) climbing past $122,000, approaching its August highs. The DeFi market surged to a new record of $219 billion in total assets, according to DeFiLlama, highlighting growing interest in decentralized finance.
Aave Platform Activity Surges
Deposits on Aave reached a record $74 billion, reinforcing its leading position among DeFi protocols. Fresh inflows were fueled by the platform’s new partnership with Plasma, a stablecoin-focused blockchain. The Plasma lending market on Aave expanded past $6 billion in under a week, underscoring strong adoption.
Technical Analysis
- Price Action: AAVE peaked at $290.37 intraday before minor profit-taking.
- Support Zone: $284–$285 remains a firm base.
- Resistance Zone: $290–$294 has repeatedly capped upward moves.
- Volume: Trading spiked to 143,188 units, well above the 37,000 average.
- Trend: Consolidation near current levels suggests accumulation, with technical indicators pointing to potential further upside.
