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Reading: AAVE Price Soars to Highest Level in Two Years at $173
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Kriptoteka > Market > Defi > AAVE Price Soars to Highest Level in Two Years at $173
Defi

AAVE Price Soars to Highest Level in Two Years at $173

marcel.mihalic@gmail.com
Last updated: September 23, 2024 3:03 pm
By marcel.mihalic@gmail.com 2 Min Read
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  • The price of AAVE surged to $173 on Monday, marking its highest point since April 2022.
  • The Total Value Locked (TVL) has rebounded as the decentralized finance platform experiences positive market sentiment.

Aave (AAVE), a DeFi protocol, has witnessed a remarkable increase in its native token’s price, reaching levels not seen since April 2022.

This rise above $173 signifies Aave’s peak price since it hovered around $176 on April 28, 2022.

For AAVE, it experienced a significant decline following a bull run that peaked above $670 in May 2021, leading to an extensive accumulation period of nearly two and a half years.

AAVE/USD weekly chart. Source: TradingView

Aave appears to be in a strong position, having overcome a horizontal resistance that previously stifled buyers.

This resurgence is partly due to a general bullish trend in the crypto market, driven by Bitcoin crossing above $60k and a rally that explores the bear market’s resilience above $64,800. Based on CoinGecko data, AAVE/USD has surged by over 172% in the last year, with a 23% increase just in the last week.

Such advances correspond with a recovery in AAVE’s Total Value Locked, which declined to $5.7 billion in January 2023. In a year where the decentralized finance sector has benefited from an overall upturn due to increased lending and borrowing, DeFiLlama indicates that Aave’s TVL has risen to $22.1 billion.

The majority of this value is sitting on Aave V3, which has undergone various crucial integrations across the market. The total TVL for the network was approximately $20.5 billion.


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