Crypto
Aave Team Member Unloads $12.8M in Tokens Amid Price Volatility
Aave team member sold 50,000 AAVE tokens over the past week at an average price of $160. This transaction occurred after the team-linked address received 108,000 AAVE from the Aave Team wallet between October 2020 and October 2021.
The sale resulted in approximately 8 million USDC being exchanged for the AAVE tokens. The remaining 30,000 AAVE tokens are valued at around $5.5 million.
Looking at the price action on the 4-hour chart, AAVE is currently trading near its upper Bollinger resistance, with an RSI of 71.23 indicating overbought conditions. However, the MACD holds a golden cross, suggesting that a retracement towards the 50-EMA support at $158.55 may occur before further price appreciation.