Aave Skyrockets 88% in a Month—DeFi Darling Nears Record High
Aave’s native token just pulled off a gravity-defying rally—up 88% in 30 days—as DeFi bulls pile into the lending protocol. With momentum like this, even Wall Street’s ’risk managers’ might start FOMOing in.
The surge puts Aave within striking distance of its all-time high. Traders are betting that the protocol’s recent upgrades and surging TVL could fuel the next leg up.
Meanwhile, traditional finance still can’t decide if this is ’the future of banking’ or a ’Ponzi scheme’—so they’ll probably short it at the top.
Source: CoinGecko
AAVE Rises Amid Market Rally
AAVE’s latest rally comes amid a market-wide resurgence. Bitcoin (BTC) is once again testing the $106,000 mark after its recent dip to $101,000. The global crypto market cap has risen 0.4% in the last 24 hours to $3.45 trillion.
AAVE’s rally is likely due to the team announcing a v3 deployment on Aptos. The MOVE led to the project’s Total Value Locked (TVL) hitting an all-time high of more than $24 billion. The market rally may have further helped the upswing caused by the upgrade announcement.
The cryptocurrency market may be in the early stages of another bullish phase. There is a possibility that the Federal Reserve will announce an interest rate cut after its next meeting. A rate cut could lead to a surge in risky investments. AAVE and other crypto assets could see a continued rally under such conditions.
Will The Asset Hit A New All-Time High?
AAVE is down by nearly 60% from its all-time high of $661.69. The asset hit its peak on May 18, 2021, during the last bull run. If the asset maintains its current momentum, it could reclaim its previous peak very soon.
According to CoinCodex analysts, AAVE could face a correction over the coming weeks. The platform anticipates the asset’s price to dip to $136.90 on June 27. The coin’s price will face a 48.27% correction if it falls to the $136.90 mark. CoinCodex predicts AAVE will rebound after hitting $136.90. The platform expects the asset to trade at $246.75 on Aug. 17 of this year.
