AAVE Price At Risk Of Dropping Despite Increased Whale Interest

Last Updated:
  • A whale withdrew 274,236 AAVE tokens from Binance earlier today.
  • Despite an increase in whale interest, AAVE still saw its price drop by 1.45% in the past 24 hours.
  • The altcoin was at risk of falling below the $92.75 support level in the next 24-48 hours.

The on-chain analytics platform, Lookonchain, shared in an X post earlier today that a whale has withdrawn 274,236 Aave (AAVE) from Binance. The withdrawn AAVE tokens were worth approximately $26.5 million. Lookonchain also stated that after the withdrawal, this whale became the largest individual holder of AAVE.

Despite the increased interest from whales, AAVE was one of the many tokens that saw their prices drop over the past 24 hours of trading. CoinMarketCap indicated that AAVE’s price declined by 1.45% throughout the past day, which caused its trading value to fall to $96.15.

Additionally, AAVE’s intraday volume suffered a significant 37% decline since yesterday, which left it standing at $204,399,077. It is worth noting that the altcoin’s price was still up by over 16% in its weekly time frame.

Its latest price drop caused AAVE’s market cap to decrease to $1,405,533,116, which ranked it as the 39th largest token by market capitalization. This placed it right on the heels of NEAR Protocol (NEAR) with its own market cap of $1,446,216,384.

Daily chart for AAVE/USDT (Source: TradingView)

AAVE was rejected by the $105 resistance level yesterday, which resulted in it pulling back to its current level. Consequently, the altcoin was at risk of falling below the $92.75 support level in the next 24-48 hours. If it breaches this key mark, then sellers may continue to exert pressure on its price to potentially drag it down to as low as $75.80.

On the other hand, if AAVE is able to remain above the $92.75 support level for the next 48 hours, then it may enter into another leg up. Subsequently, the altcoin could attempt another challenge at the aforementioned $105 threshold. A breach of this barrier could be followed by the altcoin’s value climbing to $117 in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.