AAVE Sees Strong Rebound, But Support levels Are Critical
AAVE’s price has made a meaningful comeback today, rising from the $240 level. This move follows a sharp decline from $264 yesterday. The recovery seems to be fueled by large investors, or whales, who are buying more AAVE.
lookonchain data shows that two major wallets have accumulated nearly 30,000 AAVE, worth about $7.5 million, in the last 14 hours. One wallet borrowed $5 million in USDC to buy 19,608 AAVE. The other borrowed $2.5 million in GHO for 10,131 AAVE.
While whale activity is positive, technical indicators hint at potential challenges. AAVE is testing a crucial support zone around $248-$250. The MACD and RSI suggest weakening momentum. If the price falls below $248, it could drop further to $235 or $220.
However, if the support holds, AAVE might climb again, with resistance around $280.The overall trend is still bullish, but the current test of support will decide if this is a healthy pullback or the start of a deeper correction.
