AAVE price pulled back on Tuesday, September 24, as on-chain data showed an increase in centralized exchange outflows.
AAVE (AAVE), one of the best-performing DeFi assets of late, has retreated to $164.5, down from this week’s high of $178. However, it remains 131% above its July low.
According to Nansen, AAVE saw CEX outflows of over $6.35 million, a 4.96x increase over the recent average. CEX outflows are often considered positive for a cryptocurrency because they indicate that investors are moving their tokens into self-custody, signaling long-term holding.
Additional data shows that the top ten accounts purchased over $8.4 million worth of AAVE tokens, compared to sales worth over $7.8 million. This suggests that more investors remain bullish on AAVE, hoping for a DeFi renaissance.
Meanwhile, according to DeFi Llama, AAVE has accumulated over $12.53 billion in assets, most of which are in its V3 version. Of these assets, $8.09 billion have been borrowed and the network has collected over $260 million in fees in the last 12 months, making it one of the most profitable DeFi platforms.
AAVE’s forward interest has also remained at a high level. CoinGlass data shows that daily open interest has remained above $87 million since August 15, reaching a high of $214 million on September 11. Before that, its highest open interest was $124 million on August 2.
AAVE Just Broke a Key Resistance
On the weekly chart, the AAVE token has been in a strong bullish trend over the past few weeks. It has remained above the ascending trendline that connects the lowest points since June 2022.
AAVE also broke through the crucial resistance point at $154.21, its highest level since March this year. It has broken above the 25-week moving average, while the Relative Strength Index is approaching the overbought level.
Therefore, AAVE could continue its bull run, with buyers targeting the psychological level of $200.
