AAVE trades at $124.93, holding a critical weekly support level above $90 as analysts identify a rare cycle-level accumulation zone. Trading volume fell by 5.96% to $419.75 million, while derivatives data shows a $276.68 million futures volume with a slightly negative funding rate. Analysts note the token is coiling between key resistance and support, signaling a potential directional breakout imminent for the cryptocurrency.
AAVE is trading at $124.93 after a 0.65% dip, according to CoinMarketCap. The token’s weekly gain remains at 12.91% despite a 5.96% decline in its daily trading volume.
Analyst Crypto Patel highlighted that AAVE is above a significant weekly trendline at $90, which he calls a high-time-frame accumulation area. The token has corrected 86% from its all-time high, an event Patel notes “often appears only once in a cycle.”
Patel stated the price is trading between descending resistance and ascending support, indicating an imminent breakout. He identified a key support zone between $110 and $90, with $74 as a critical level for invalidating the bullish weekly structure.
Price targets from the analysis are listed at $190, $345, $579, and $1,000. Another analyst, Gain Muse, mentioned the price is coiling under ascending structural resistance, suggesting a move in the trend’s direction.
CoinGlass data shows futures volume declined by 6.23% to $276.68 million, while open interest fell by 4.38% to $214.07 million. The open interest-weighted funding rate is currently -0.0132%.
The cryptocurrency remains in a consolidation phase. Analysts are watching for a breakout from the current compression pattern to determine the next major trend direction.
