Aave V4 Deposits Top $900M as Golden Cross Forms

The AAVE token is gaining momentum as its v4 deposits have surpassed $900 million. This increase in deposits has also led to a higher utilization rate, with active loans reaching $280 million.

This surge in activity could potentially support the price of AAVE if it continues. The number of active addresses on the protocol has also increased across various time periods, indicating improving utility around Aave.

A technical indicator known as a golden cross has formed between the 50-day and 200-day EMA bands on AAVE's daily chart, providing another bullish signal for the token.

If AAVE's price can hold its support level of $120, it could potentially reach $160 as the nearest resistance. However, if this support level breaks, the token could slip to $85 or even $60.