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Home»Altcoins»AAVE breaks past $150: can it rise another 75% after that?
Altcoins

AAVE breaks past $150: can it rise another 75% after that?

2024-09-12No Comments3 Mins Read
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  • Aave broke past the $150 price and reached a new yearly high.
  • Real retail longs and Open Interest also rose.

Aaf [AAVE] has recently broken the $150 price level, marking a new cycle and a yearly high.

Analysts believe that if Aave remains above the $154 price level, it could accelerate and possibly reach $260, which represents a 75% gain from the current price at the time of writing.

Although Aave briefly rejected the $154 level, this is typical of major resistance points. The strength of Aave’s price action suggested this was a pause before further upward movement.

The MACD indicator, which has been bearish since August, has now turned bullish, signaling a potential rally. Aave started September strong and posted a new high for 2024.

Source: TradingView

The percentage of real long accounts in retail

AAVE’s performance stands out, especially when compared to the percentage of long retail investor accounts for BTC/USDT and AAVE/USDT, as shown by Hyblock Capital.

Only 22% of retail accounts were in long positions at the time of writing, while Open Interest saw increasing growth.

This ratio, which reflects a previous price decline before a rally, indicated that long traders were gaining control over short traders. The trend suggested that AAVE may be gearing up for another price hike.

Source: Hyblock Capital

Open interest on the way

Further analysis using Coinglass revealed steady growth in Aave’s Open Interest, especially in September.

According to the latest data, with an AAVE price of $149.26, Open Interest had reached $204.58 million. This is a positive indicator, which supports the likelihood of a price increase in the near future.

Source: Coinglass

Aave’s GHO growth is strong

Aave’s own decentralized stablecoin, GHO, also saw strong growth. At the time of writing, GHO’s supply has increased to 135 million tokens, with a market cap of $135 million.

See also  Helium Up 12% in 7 Days – Will HNT's Rally Continue?

The total number of holders also reached an all-time high, with 2.4K users. About 76% of GHO’s supply, or about 103 million tokens, was staked by 1.59K stakers.

GHO remained closely pegged to the USD, with no significant price deviations, indicating strong stability.

Source:

Finally, Aave’s founder has hinted at expanding GHO’s deployment to other blockchains. Currently, Aave V3 is live on multiple networks, including Ethereum [ETH]Arbitrum [ARB]Basic, Avalanche [AVAX]Polygon [MATIC]and optimism [OP].

However, GHO is only deployed on ETH and ARB, leaving room for further expansion to other networks, as Stani Kulechov’s post on X read:

“This leaves significant room for GHO to expand through additional networks.”

This potential expansion could fuel further growth for both Aave and GHO, providing additional support at a higher price point.


Read Aave’s [AAVE] Price forecast 2024–2025


Overall, Aave’s price outlook remains positive. With rising Open Interest, bullish technical indicators and growing adoption of the GHO stablecoin, it is expected to rise further.

If market conditions remain favorable, AAVE could post significant gains in the coming months.

Next: Whale Selloff Threatens XRP’s Rally Despite Bullish Forecasts

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Aave Breaks Rise
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