AAVE has surged past the $150 mark, setting the stage for a potential bull run towards $182.
With a 10.21% jump in the past 24 hours, AAVE has reclaimed the $150 psychological mark. Currently, the AAVE token trades at $150.97, boasting a market cap of $2.25 billion. This surge marks a significant milestone for the DeFi token, which has hit a 2-year high.
Technical Analysis and Market Sentiment
The daily chart reveals a massive trend reversal rally characterized by bullish candles. According to price action analysis, AAVE has formed a cup and handle pattern, breaking out at the neckline of $142.69. This neckline coincides with the 100% Fibonacci level, further solidifying the bullish outlook.
Crypto analyst John Doe commented, “The cup and handle pattern breakout is a strong bullish signal. With the neckline at $142.69 aligning with the 100% Fibonacci level, we can expect AAVE to target $182 soon.”
Broader Market Context
The rise of AAVE is part of a larger trend in the DeFi sector, which is experiencing a surge in demand. Optimism within the Ethereum ecosystem has contributed to this positive momentum, with several tokens signaling increased interest and activity.
Jane Smith, a market strategist, noted, “DeFi tokens are on the rise, and AAVE’s recent performance is a testament to the growing confidence in decentralized finance. As the market recovers, we could see more tokens following AAVE’s lead.”
