AAVE Price Prediction: AAVE Bulls Target $150 This Month as the Market Sentiment Turns Positive

AAVE, the native token of Decentralized Finance Protocol Aave, was exhibiting massive buying pressure and riding the upward bullish move. Despite the significant supply pressure across the crypto market, AAVE has remained resilient and decisively ascending gains beyond the $100 mark.

DeFi protocol native token AAVE showed a massive buying pressure, where the asset was seen making a fresh higher high swing following a double bottom formation at $80.

Afterward, the asset noted a demand resurgence following a pivot breakout at $115, where the price was seen rallying over 55% last month. Notably, the asset continued to note a bullish setup on the technicals.

AAVE price showed a breakout from a three-month correction phase and noted a fresh higher high swing above the cluster of $105. Moreover, the sentiments shifted, and the bulls were seen attempting to turn the recovery into a bullish trend.

Under the influence of a double bottom formation, AAVE showed a breakout and rose over 55% last month. Per this extensive surge, the short holders might get trapped and begin covering their positions.

The momentum indicator, highlighted by the Relative Strength Index, showed a bullish stance through the formation of a higher high, which signified sustained buying pressure and rising demand.

In addition, the MACD indicator showed a bullish crossover, projected a buy signal, and suggested the next bullish leg toward $125 was around the corner.

AAVE On-Chain Metrics Indicated A Positive Shift

The Weighted sentiment data showed a shift in the investors’ mindset, and the value reached the positive region, indicating a positive stance.

On the social front, the dominance curve showed a surge, revealing increased media buzz, which was noted at 0.139%. Following the sharp price recovery, the investors started chatting about AAVE and indicated their interest.

In a recent tweet on X, Dalin Anderson stated that AAVE is up for a breakout rally and could go higher from here.

#AAVE looks ready for more impulse waves. $AAVE pic.twitter.com/OXD6EHdn9o

Moreover, the active addresses data showed an extensive surge and soared to 1128, highlighting the confidence among the buyers to accumulate AAVE.

Futures Open Interest Data Showed An Uptick

Following the impressive price rally, the futures data showed investors were信心in making long trades and continued accumulating AAVE.

Notably, the Open Interest data spotted an increase of over 41.41% to $130.02 Million, highlighting fresh long additions in the past 24 hours.

If the AAVE price continues to sprint ahead, it may go higher and retest the upside mark of $120, followed by $125. If any profit booking took place, the immediate support was placed around $110, followed by the $102 mark.

AAVE showed signs of a bullish reversal and witnessed a solid accumulation from the bottom. Following the sharp recovery and a trendline breakout accompanied by a massive volume surge, it gave a solid conviction that it may continue to proceed ahead.

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