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Aave is a decentralized finance (DeFi) lending platform built on the Ethereum blockchain. It allows users to lend and borrow various cryptocurrencies without needing traditional banks. Users can earn interest and create applications, offering services for 17 different cryptocurrencies.
Chainlink Integration Plans
Aave is thinking about integrating Chainlink's Smart Value Recapture (SVR) oracle to bring back profits from Maximal Extractable Value (MEV) to its users. The goal is to share 40% of these profits with users to enhance the platform's financial health. The SVR will work together with existing Chainlink Price Feeds to capture liquidation profits while keeping standard price data available. This plan needs approval from the Aave community. Initially, Aave wants a profit split of 65% for Aave and 35% for Chainlink, changing to 60% and 40% after six months. This initiative could attract more users and strengthen Aave's position in the competitive DeFi market.
Increased Whale Activity
Recently, Aave saw a significant rise in whale activity, indicating that large investors are showing more interest. There were 3,310 transactions over $100,000, the highest since 2022. For example, Blockchain Capital transferred 16,964 AAVE tokens, worth about $5.04 million, to FalconX, marking their first AAVE move in months. Despite this sale, they still hold 216,000 AAVE tokens valued at around $67.12 million, suggesting confidence in the token's future. Analysts believe tracking such whale activities may help predict market trends, hinting at possible positive movements for the AAVE token.
Current Market Status
AAVEUSD has recovered more than $100 after a small sell-off. It is currently trading above both short-term (34 and 55 EMA) and long-term moving averages, with the price around $377.87 after hitting a recent low of $271.
Technical Analysis
From a technical viewpoint, bearish sentiment would be indicated if AAVE closes below $125. Immediate support is around $335, with further support levels at $300, $270, $250, and $200 if selling pressure continues. On the upside, resistance is near $400, and if this level is crossed, it could indicate minor bullish momentum with potential targets of $435 or $485.
Investment Strategy
Investors looking for entry points should consider buying on dips around the $300 mark, using a stop-loss at around $250 and aiming for a target price of $435 to position themselves for possible gains.
