Native token for decentralized funding (Defi) Lending platform aave
rose to its strongest price of several months on Monday
BlueChip Defi -Token topped $ 330 during the session before cooling to $ 316 and got 8% over the weekend.
The rally came as the defi sector warms up in the middle of a wider crypto -Rally, with Bitcoin
conquers fresh items over $ 120,000.
Aave is the dominant player in defi loan and has just hit $ 50 billion in the protocol deposit, a fresh record level.
The platform is also ready to be one of the biggest winners of promoting American crypto rules, analysts said.
“Aave is the largest lending platform in decentralized financing (Defi)And it could be a big winner from the Genius Act, “Digital Asset Manager 21Shares said in a Monday report.
The platform currently has 5% of all stableecoin supply to earn a dividend, more than any other defi protocol, the report noted. It also issues its own, over -collateralized stableecoin gho
which has a supply of $ 312 million.
Aave also aims to take advantage of the growing institutional participation and tokenization wave with the upcoming Horizon project that will lend institutions to institutions stablecoins by placing tokenized assets in the real world as money market funds as security, the report added.
Technical Analysis:
Coindesk’s market analysis model highlighted a bullish structure for aave.
- Trade volume spikes for 159,078 units during morning session, confirming institutional accumulation and renewable purchase pressure.
- Support base forms for $ 304.25- $ 305.63 during the first decline, providing foundation for subsequent rally phase.
- Resistance cluster develops around $ 327.40, with several rejection experiments creating volume -weighted ceiling.
- Psychological support for $ 320.00 attracts a constant demand throughout the consolidation period.
