AAVE whales are scooping up millions in the token for this reason

AAVE large wallet investors have accumulated the token consistently for the past two weeks.
Whales bought $3.63 million worth of AAVE at an average price of $68.24.
Accumulation by whales is typically a sign of an upcoming bullish move in AAVE price.

Large wallet investors have consistently accumulated AAVE tokens despite the tumultuous events in the crypto ecosystem. Over the past two weeks, four whales in the AAVE ecosystem bought $3.63 million worth of AAVE.

Accumulation is typically considered a bullish sign for the asset’s price. AAVE is trading at $71.54 at the time of writing.

Also read: Solana price rallies 35% in three weeks despite declining interest from market participants

Four whales have scooped up $3.63 million in AAVE tokens

According to data from crypto intelligence tracker Lookonchain, four large wallet investors in AAVE network have purchased 53,208 AAVE tokens worth $3.63 million and staked them. The whales purchased AAVE consistently over the past two weeks at an average price of $68.24.

The $68.24 level is key to AAVE’s price rally and is likely to act as support, as below this level, the large wallet investors’ holding would be underwater. This implies whales are likely to push AAVE price higher to realize profits in the short term.

4 whales have bought more $AAVE and staked to #Aave in the past 2 weeks.

They bought a total of 53,208 $AAVE($3.63M) at an average price of $68.24.

Address:https://t.co/7P0111LPpf https://t.co/lAHFiTCkT2 https://t.co/1JlvJalkv0 https://t.co/ABzz0fceAt pic.twitter.com/aIK1UPTBqx
— Lookonchain (@lookonchain) July 6, 2023

AAVE whale count increases, likely to catalyze recovery

IntoTheBlock data reveals that there is a 7.14% increase in the number of whales holding AAVE tokens. A wallet address with more than 1% of AAVE’s circulating supply is considered a “whale.” At the current price of $73.94, a wallet holding more than $106 million worth of AAVE tokens is considered a whale wallet.

As seen in the chart below, the count of whale wallets has increased in a 30-day period.

AAVE holdings: Whale, investors, retail

AAVE holdings: Whales, investors, retail

There was a decline in retail investors, but the demand from whales absorbed the selling pressure on the asset. AAVE price is currently above its three Exponential Moving Averages (EMAs), 10-day EMA at $69.78, 50-day EMA at $63.84 and 200-day EMA at $71.09. In AAVE’s price rally, these levels are expected to act as key support levels.

AAVE/USD one-day price chart Binance

AAVE price could target its April peak of $84.29 if the upward momentum is sustained.

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