Aave remained range-bound on Saturday, but a combination of strong technicals and higher deposits means it could rebound soon.
ghost (ghost), originally known as ETHLend until September 2020, was trading at $353 at last check on Saturday. It is still 370% above its 2024 lows.
Show data The total value locked in its network rose to a record high of 6.12 million Ethereum, or $5.12 billion. Another character from before TokenTerminal It shows that net deposits in the ecosystem have reached a record high of $36 billion. This is higher than the $10 billion in deposits it had during the same period last year.
This growth has made Aave a very profitable player in the cryptocurrency industry. After all, the total Fees jumped to more than $474 million in the past 12 months.
Most importantly, the performance has been remarkable since competition from lending protocols like Morpho, Spark, Compound, Venus, and Save has increased.
Aave is now working on its V4 project, which will be the largest upgrade on record. According to the proposal, V4 will combine a new architecture that enhances modularity and reduces overhead management burdens. It will also be integrated with GHO, Aave's stablecoin, with assets of more than $146 million. The upgrade will be launched on The second half Of the year.
Meanwhile, Nansen data shows that Aave tokens are leaving centralized exchanges, which is a bullish sign for the coin. The total tokens on exchanges fell by 2.43% in the past seven days to 5.3 million. Only 33% of all Aave tokens are on exchanges, meaning many holders have a long-term horizon.
Aave can go up to $500
Aave has bullish technicals. The chart above shows that the token bottomed at $71.41 in 2024 and has now moved above $300.
Aave stayed above the 50-day moving average, providing important support.
More importantly, the currency forms a bullish pennant chart pattern consisting of a long vertical line and a symmetrical triangle. This triangle is now approaching the convergence level. This often leads to a strong breakout.
Therefore, if this happens, the initial target for the Aave token will be last year’s high of $400. A break above this level indicates further gains, perhaps to the psychological point at $500.
The bullish view will become invalid if the currency falls below the 50-day moving average.
Aave, created by Finnish entrepreneur Stani Kolechov in 2017, is used for governance, ownership and other functions related to the protocol.
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