• The cryptocurrency market collapsed in the past 24 hours losing more than $100 billion in market capitalization.
  • DeFi tokens have remained strong and even managed to rally despite the recent sell-off.

A number of DeFi tokens have been outperforming Bitcoin and Ethereum in the past week. Uniswap is up by 6% in the past 24 hours and has been trading in a massive uptrend since November 4, 2020. 

Although Synthetix had a significant 8% drop today, the digital asset is up by more than 550% since November 2020. Similarly, Aave has been trending upwards since November as well.

Synthetix bull run has solid numbers behind it

The price increase of SNX wasn’t just a random pump. The number of new addresses in the past month has increased significantly, which indicates a lot of new investors have joined the network.

uni price

SNX new addresses

On the daily chart, SNX price has been able to steadily climb above the 12-EMA which has served as a robust support level throughout the rally. SNX just hit its all-time high at $16.5 which means it’s facing practically no resistance above.

uni price

SNX/USD daily chart

However, losing the 12-EMA level would be notable and a bearish sign capable of pushing SNX down to $10 in the mid-term. 

Aave price seems to have no limit

Similar to SNX, Aave has been trading inside a robust uptrend and just hit a new all-time high at $163.7. The digital asset is currently in price discovery mode and faces very little resistance in the long-term.

uni price

AAVE Holders Distribution

Surprisingly, despite hitting new all-time highs, the number of whales holding between 100,000 and 1,000,000 coins ($16,000,000 and $160,000,000) has increased by four in the past five days which indicates large holders expect AAVE to rise even higher.

uni price

AAVE sell signals

However, the TD Sequential indicator presented a sell signal on the 4-hour and 9-hour charts as well as on the weekly chart last week. Although the call on the weekly chart seems to be getting invalidated, there is still time for confirmation which could push AAVE price down to $100. 

Uniswap whales continue to accumulate

Despite UNI price hitting new all-time highs at $7.4, whales have continued to accumulate the digital asset. According to Santiment, the number of large holders with at least 100,000 and less than 1,000,000 coins increased by 13 in the past month. Similarly, bigger whales holding at least 1,000,000 and up to 10,000,000 coins also continued to join the network increasing by three in the last month.

uni price

UNI Holders Distribution

This clearly shows that large investors are highly interested in Uniswap even at these prices. On top of that, the number of UNI coins inside exchanges has continued to decline since January 1, 20201. 

uni price

UNI supply on exchanges

Despite the major price rise of Uniswap, the number of coins inside exchanges dropped from 7% of the supply to 6.83%. Although this might not seem like a huge difference, it indicates that investors are not looking to sell the digital asset just yet.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP