Aave sees 675% surge in Optimism users: What’s going on?
The post Aave sees 675% surge in Optimism users: What’s going on? appeared on BitcoinEthereumNews.com.
Aave is showing positive momentum, driven by a 675% surge in Optimism user addresses. Transaction count has dropped while exchange reserves rise, signaling potential short-term selling pressure. Aave [AAVE] has captured attention in the DeFi world, recording an astonishing 675% increase in user addresses on the Optimism network within just one week. This growth has outpaced other major players like Chainlink and Raydium, raising the question of whether Aave is poised to break through resistance and kickstart a bullish rally into 2024. But is this surge enough to propel the token to new highs? How is AAVE performing in the current market? At press time, AAVE was trading at $157.37, reflecting a modest 0.69% increase over the last 24 hours. While this price action showed mild positive momentum, Aave’s explosive growth in adoption on Optimism may provide the foundation for a stronger upward push. However, active addresses have surged by 18.75% in the last 24 hours, with 1,233 active wallets recorded. This rise in active users indicated growing interest in Aave, but the market was still waiting for a decisive breakout to confirm sustained upward momentum. Source: CryptoQuant AAVE price chart: can it breach key resistance? Looking at Aave’s daily chart, the token remains within a clear ascending channel. A significant resistance level at $165.22 is preventing further upward movement, with the token struggling to close above this zone in recent trading sessions. The RSI was sitting at 52.26 at press time, indicating neutral momentum, which suggests neither bulls nor bears have a decisive advantage. Additionally, with AAVE trading above its 50-day simple moving average (SMA) at $150.20, the trend remains cautiously bullish. Therefore, breaking above the $165.22 resistance level is critical to sustaining the rally. Source: TradingView Are the transactions telling a different story? Interestingly, the transaction count has…
Filed under: News - @ October 20, 2024 8:08 pm