On July 24, a whale transferred 191,453,164 USD Coin (USDC) to the Aave protocol.
Whale Alert valued this transaction $191.42 million. The transfer confirmed a sizeable amount of protocol activity, but its impact on AAVE demand remained unclear.
Meanwhile, Aave (AAVE) traded at $96.28, just below resistance near $99-100. This area had rejected many rescue attempts, making the whale’s timing particularly remarkable.
CryptoQuant’s Spot Average Order Size also recorded Large Whale Orders close to AAVE’s current price range. However, neither data set confirmed that these whales were buying AAVE ahead of a breakout.
Are whales positioned before $100?
The USDC transfer was part of a broader increase in large transactions.
Santiment recorded an increase in transfers exceeding $100,000 in Whale Transaction Count before the last partial reading. This activity demonstrated renewed interest from major shareholders. However, the measurement included purchases, sales and wallet transfers.
As a result, a higher Whale Trade Count can increase volatility without determining its direction.
Spot demand gave a clearer upward signal.
CryptoQuant’s 90-day Spot Taker CVD showed Taker Buy Dominant activity during AAVE’s recent rally. This showed that aggressive spot buyers were increasingly exceeding the spread to complete purchases.
Coinalyze data supported this positioning. Long positions represented 56.09% of one-day positions, while short positions represented 43.79%.
one-day Long/Short Ratio remains the same At 1.28. However, crowded long positioning can increase the risk of liquidation upon rejection.
Can AAVE rise above $100?
AAVE has consolidated below $100 after recovering from June lows.
The daily chart has formed an ascending triangle with buyers defending an ascending trend line below horizontal resistance.
AAVE also traded above its 20-day, 50-day, and 100-day Exponential Moving Averages. These averages were around $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 movement in both directions.
A confirmed daily close above $100 could strengthen the breakout case. A rejection could turn attention to the moving averages below $92.
Final Summary
- Whale activity increased as AAVE consolidated below the psychologically important $100 resistance.
- Buy-heavy spot flow strengthened AAVE’s breakout case without confirming the move.
