The price of Aave has spiked by more than 35% in the past 7 days, outperforming many other cryptos in the top 100 list.
The price recently bounced off strong support at around $80 and has been rallying since then. The support has been a key level where buyers have been pushing the price up since October 2023. Reaching support again 7 days ago could have triggered a lot of buy orders, making the price spike.
The price has bounced off the support more than 5 times since October 2023. The price went tested at the level again point at the beginning of July, which was another opportunity to buy for AAVE holders, triggering a major price rally.
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Increase in Social Activities
Another factor making the price of Aave rise is that its share of social activities has been increasing.
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Based on a post by LunarCrush Social Intelligence on X, AAVE’s social activity dominance share has increased by .4% across the entire crypto market earlier today, placing it as the 31st most popular cryptocurrency across social media.
This also means that people have been paying attention to crypto, which has also helped its value increase.
The Price Rally May Be Short-Lived
Although the price of AAVE has been bouncing off the strong support at $80, it has also been bouncing off a descending trendline, which has been a resistance.
The price has been bouncing off the resistance since March, and perhaps it could be a stronger resistance than the support.
The price will have to break above the trendline resistance to have a major rally. However, if the existing pattern continues, we may see a retest of the support again.
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