AAVE Whales Return as $100 Nears, Will Buyers Break Through?

A recent whale transaction in Aave has sparked renewed interest in the cryptocurrency. On July 24th, a large transfer of USDC worth $191.42 million was made to the Aave protocol, with the timing coinciding with AAVE's trading near the key resistance level of $100.

The transaction was notable as it occurred when AAVE was hovering just below this significant price point, which has previously rejected several attempts at a breakout. Despite the unclear impact on demand, CryptoQuant's Spot Average Order Size recorded Big Whale Orders near AAVE's current price range, suggesting potential positioning for a move above $100.

However, neither dataset confirmed that these whales bought AAVE ahead of a breakout. Additionally, Santiment recorded a rise in large transactions, with the Whale Transaction Count increasing before the latest partial reading. While this activity suggested renewed interest from big holders, it also increased volatility without determining its direction.

Spot demand offered a clearer bullish signal, with CryptoQuant's 90-day Spot Taker CVD showing Taker Buy Dominant activity during AAVE's recovery. This indicated that aggressive spot buyers had increasingly crossed the spread to complete purchases. Coinalyze data also supported this positioning, with longs representing 56.09% of one-day positions compared to shorts at 43.79%, resulting in a Long/Short Ratio of 1.28.