AAVE Whales Make Big Move Ahead of $100 Resistance

A significant transfer of USDC into the Aave protocol has been recorded, sparking renewed interest in AAVE's price action. On July 24th, a whale transferred $191.42 million worth of USDC into the protocol, according to Whale Alert.

This transaction occurred as AAVE traded at $96.28, just below the resistance zone around $99-$100. This zone has previously rejected several recovery attempts, making the timing of this transfer particularly notable.

However, it's unclear whether this whale bought AAVE ahead of a breakout or if their activity will have any significant effect on demand. Big Whale Orders were recorded by CryptoQuant's Spot Average Order Size near AAVE's current price range, but neither dataset confirmed that these whales purchased AAVE prior to the transfer.

Despite this uncertainty, spot demand appears to be bullish for AAVE. CryptoQuant's 90-day Spot Taker CVD showed taker buy dominant activity during AAVE's latest recovery, indicating aggressive spot buyers are increasingly crossing the spread to complete purchases.