Market Trend Shifter: Aave Sees Unprecedented Surge in Trader Sentiment and Price Action

Why 68% of Top Traders Are Bullish on Aave Right Now

Aave (AAVE) has been defying market trends by surging 13% in the past 24 hours, with open interest soaring. This unusual behavior has led to a significant shift in trader sentiment, with a staggering 68.50% of top traders on Binance holding long positions.

The current market uncertainty has only added fuel to AAVE’s upward momentum, as it continues to outperform major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This unusual rally is driven by heightened trader interest worldwide, with Coinglass reporting a 15% surge in futures open interest over the past day.

AAVE has now formed a bullish price action pattern after successfully retesting a crucial breakout level. This development highlights the altcoin’s resilience to market fluctuations and its potential for further growth.

According to our analysis, if AAVE closes a daily candle above $340, there is a strong possibility it could soar by 25% in the near future, reaching as high as $415. The Relative Strength Index (RSI) currently stands at 57, close to the overbought region, indicating that the altcoin has sufficient room to continue its upward trajectory.

Furthermore, AAVE’s recent price dip is viewed as a price correction, which now shows signs of a potential rebound.

Source: ambcrypto.com