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AAVE: price could fall sharply after major token sale
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The price of decentralized finance protocol Aave (AAVE) token recently saw a sudden spike after a week of declines amid broader market corrections. Now, however, the cryptocurrency is facing increased volatility as the US elections approach.
Despite the recent rally, large whale investors appear to be dumping their tokens. One of these large investors sold over $5 million worth of supposedly unloaded AAVE. This whale activity signals potential downward pressure on the token in the near term.
AAVE price may soon face downward pressure in the market because of large investors. Four major wallets – 0x7634, 0x790c, 0xad6e and 0x3356 – have sent AAVE tokens to exchanges in recent days.
These moves often suggest possible selling moves, likely poised for after the US presidential election. Apparently these investors wait for the token price to rise after the election results and then sell them.
Baleia sells US$5 million in AAVE
Wallet 0x7634 led the way in sending, transferring around $3.39 million worth of AAVE (25,790 tokens) to MEXC. Meanwhile, the 0x790c wallet, together with Galaxy Digital, moved its assets from AAVE to Binance, worth $1.04 million and $1.02 million, which equates to 7,822 and 7,897 tokens, respectively.
Recent data from Lookonchain reveals substantial AAVE withdrawals, suggesting a potential sell-off. A wallet identified as 0x7634 moved approximately $3.39 million in AAVE to MEXC, a move that reinforces this possibility.
Additionally, significant funds were transferred to other exchanges: around $1.04 million was transferred to Binance, $1.29 million was deposited to OKX, and another $1.02 million was routed back to Binance . All these movements occurred in the last 24 hours.
The AAVE price registered a slight increase of 0.5% this Tuesday, but faces a drop of 15.7% in the last seven days. Its price reached a peak of US$158 at the end of October, but is quoted at US$130 at the time of writing.
The cryptocurrency market is seeing some optimism, likely influenced by the ongoing US election events. However, for AAVE to secure a lasting recovery, it must break above the $150 resistance levels. Until then, the token remains susceptible to further declines if it fails to stabilize.
If AAVE manages to appreciate above $140, it could approach the $150 resistance level, but a drop below $130 could see it test support around $120.
AAVE: price could fall sharply after major token sale
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AAVE: price could fall sharply after major token sale
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AAVE: price could fall sharply after major token sale
