Aave Surpassed Resistances and Broke Records in the DeFi Market

Aave (AAVE) Experienced a Strong Surge

The largest decentralized finance (DeFi) lending protocol Aave (AAVE) has managed to strongly rise from the low levels at the end of last week, surpassing significant resistance levels. AAVE gained %2 in the last 24 hours and a total of %6 this week. The token is currently finding support at the $284-$285 levels while consolidating around $290.

Historic Record in the DeFi Market

This development occurred alongside the rise of the overall cryptocurrency market. Bitcoin (BTC) surpassed the $122,000 level, getting closer to its record high from August. The total asset value of the DeFi market reached $219 billion, marking an all-time high. According to DeFiLlama data, deposits on Aave were recorded at $74 billion, maintaining its top position among DeFi protocols.

Aave has secured new fund flows thanks to its recent partnership with Plasma. The Plasma lending market has exceeded $6 billion on Aave in less than a week.

Upside Potential with Technical Analysis

Technical indicators suggest there is upward potential despite short-term profit-taking pressure at current levels. According to the CoinDesk Data research model, there is strong resistance between the $290-$294 levels. The price increased by %2.33 over the 24-hour calculation period. The trading range has been $15.17 wide, oscillating between $279.16 and $294.33. The trading volume rose to 143,188 units, significantly above the average of 37,000 units. The support level has been confirmed at $284-$285.