On July 24, a whale transferred 191,453,164 USD Coin (USDC) into the Aave protocol.
Whale Alert valued the transaction at $191.42 million. The transfer confirmed significant protocol activity, although its effect on AAVE demand remains unclear.
Meanwhile, Aave (AAVE) was trading at $96.28, just below resistance around $99-100. This area had rejected several recovery attempts, making the whale’s timing particularly remarkable.
CryptoQuant’s average spot order size also saw Big Whale orders close to AAVE’s current price range. However, neither data set confirmed that these whales purchased AAVE before a breakout.
Are whales positioning themselves before $100?
The USDC move was part of a broader increase in large transactions.
Santiment recorded an increase in the number of whale transactions for transfers exceeding $100,000 before the last partial reading. This activity suggests a renewed interest on the part of large operators. However, the measurement included purchases, sales and portfolio transfers.
Therefore, a higher number of whale trades could increase volatility without determining its direction.
Spot demand offered a clearer bullish signal.
CryptoQuant’s 90-day Spot Taker CVD showed Taker Buy Dominant activity during AAVE’s latest rally. This indicates that aggressive spot buyers have increasingly crossed the spread to complete their purchases.
Data from Coinalyze supported this positioning. Long positions accounted for 56.09% of overnight positions, compared to 43.79% for short positions.
The one-day Long/Short ratio stood at 1.28. However, overcrowded long positioning could increase the risk of liquidation in the event of rejection.
Can AAVE exceed $100?
AAVE consolidated below $100 after recovering from its June lows.
The daily chart formed an ascending triangle, with buyers defending an uptrend line below horizontal resistance.
AAVE has also been trading above its 20-, 50-, and 100-day exponential moving averages. These averages stood at nearly $92.27, $91.76, and $88.46, respectively.
Meanwhile, the Stochastic RSI recorded values of 52.68 and 49.31. These neutral readings left room for movements in both directions.
A confirmed daily close above $100 could strengthen the breakout case. The rejection may bring attention to the moving averages below $92.
Final summary
- Whale activity increased as AAVE consolidated below the psychologically important $100 resistance.
- The buy-dominated spot flow reinforced the AAVE breakout case without confirming the movement.
