Aave whales go on a buying frenzy and send prices beyond the moon

• Aave price remains bullish as it suggests another massive rally soon.
• On-chain metrics show that whale activity could pick up and prices could drive higher.
• The history of the transaction shows the presence of a stable level of support at $ 310.

The Aave price has seen a parabolic rally since early November 2020 and is showing no signs of exhaustion. At the time of writing, AAVE has made over 16x profits in 90 days, indicating that more are to come.

The Aave price looks unstoppable

Aave price is trading just above $ 400 on the 3-day chart after rising 40% in the past 24 hours. Despite this dramatic spike, on-chain data suggests that the DeFi token’s value could double as it heads towards the Fibonacci retracement level of 161.8%.

AAVE / USDT 3-day chart

Whales holding between 1,000 and 10,000 AAVE have gone on a shopping spree and have helped drive prices up at the current rate. Since January 31st, these major investors have added more than 6% to their holdings.

When these whales last filled their pockets 7.50% in mid-January, Aave’s price jumped a whopping 32%.

Now, due to the increasing demand, a similar price action could take place.

Distribution table for Aave owners

With the Aave price currently hovering around all-time highs, IntoTheBlock’s In / Out-of-the-Money-Around-Price model shows that 100% of the addresses holding this token are “In the Money”.

The IOMAP cohorts also show that the Aave price is above the stable support of $ 310, where 7,000 addresses bought 1.80 million AAVE. Holders in this price range can buy more tokens if prices corrected to avoid their investments “going out of the money”.

Aave IOMAP diagram

Regardless, if the support level at $ 310 is broken, investors should expect a downturn towards the next major interest rate area at $ 265. Here, 5,400 addresses previously bought 1.34 million AAVE.