AAVE, the native token of Aave, experienced a significant rise of 14% in the last 24 hours, reaching $188 on Tuesday as the cryptocurrency market recovered from an intense sell-off earlier in the week.
This increase represents one of the most substantial daily gains among key DeFi assets, outshining the 8% gain in the CoinDesk 5 Index during the same timeframe.
The surge was driven by a notable breakout above the $175 mark during U.S. trading hours, where trading volume spiked by 295% over the average in just one hour, according to CoinDesk Research’s technical analysis tool. Overall, AAVE demonstrated an intraday range of $24.90, climbing from $164.28, which reflects a 35.66% rise compared to its weekly average.
Technical indicators supported this momentum, as AAVE achieved three consecutive higher lows before surpassing the $183.80 support level and hitting a session high of $188.26, with volume spikes indicating strong bullish control.
Positive sentiment was further bolstered by Aave expanding to Mantle (MNT), a layer-2 Ethereum scaling solution connected to Bybit’s massive user base of 70 million. This partnership aims to extend DeFi lending to a wider audience, utilizing cost-effective infrastructure to link centralized exchange liquidity with decentralized lending platforms.
“Integrating Aave’s lending markets into Mantle’s high-performance framework, with direct access to Bybit’s exchange, makes transparent, onchain finance accessible globally for institutions,” stated Stani Kulechov, founder of Aave Labs.
Key technical levels to watch
- Support/Resistance: Immediate support is positioned at $183.80, with the next resistance level at the psychological $190.00 mark.
- Volume Analysis: The breakout was confirmed by a 35.66% increase in trading volume, indicating strong market participation.
- Chart Patterns: The rising trend with a clear breakout above $175 implies continued strength.
- Targets & Risk/Reward: The next target for upside is $190.00, with a potential extension to $195.00; downside risk appears limited as long as it stays above $183.80.
Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For additional details, refer to CoinDesk’s full AI Policy.
