On Tuesday, September 24, the price of AAVE declined due to a rise in centralized exchange outflows, as indicated by on-chain statistics.
One of the DeFi assets with the strongest recent performance, AAVE, dropped from this week’s high of $178 to $164.5.
It is still 131% higher than its July low, though. AAVE experienced CEX outflows of about $6.35 million, up 4.96 times from the recent average, according to Nansen.
CEX outflows are frequently seen favorably for cryptocurrencies since they show that holders want to hold their tokens for a long time by transferring them to self-custody.
According to additional data, the top ten largest accounts purchased AAVE tokens for over $8.4 million, while sales totaled over $7.8 million.
This implies that more investors are still optimistic about AAVE and are looking forward to a DeFi comeback.
AAVE has amassed assets worth approximately $12.53 billion, most of which are in its V3 version, according to DeFi Llama.
The network has made over $260 million in fees over the last 12 months, making it one of the most profitable DeFi platforms.
Of these assets, $8.09 billion have been borrowed. Additionally, AAVE continues to have a high level of interest in the future.
Since August 15, daily open interest has been above $87 million, according to data from CoinGlass, peaking on September 11 at $214 million. Prior to it, on August 2, its greatest open interest was $124 million.
AAVE Just Flipped Key Resistance
The AAVE cryptocurrency has been in a strong bullish trend on the weekly chart for the last two weeks.
Since June 2022, it has stayed above the upward trendline, connecting the lowest positions. In addition, AAVE has overcome the pivotal resistance level, which was reached in March of this year at $154.21.
The 25-week moving average has been breached, and the relative strength index is very close to the overbought mark.
As a result, AAVE might continue to rise, with investors aiming for the $200 psychological mark.
