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The crypto market saw wild fluctuations this week, with Bitcoin hitting all-time highs above $124,00 before a sharp drop, triggered by the US’s higher-than-predicted PPI data.
Despite mixed signals, Aave set new records in total deposits, surpassing $3 trillion to cement its status as a top DeFi lending protocol.
Aave hit $3 trillion all-time deposits.
The milestone comes after AAVE’s sudden price dip, as the PPI data triggered massive liquidations across the markets within minutes.
The alt trades at $299 after losing nearly 6% of its value within the last 24 hours.
While bears dominate short-term trends, AAVE is approaching a key support at $290, which has historically sparked substantial bounce-backs.
The $3 trillion net deposits reflect confidence and deep liquidity.
Thus, the fundamental backdrop will likely cement the $290 support barrier.
If history rhymes, AAVE could use this foothold to stage long-term rebounds toward the resistance at $380.
That would mean an approximately 30% surge from the potential Launchpad.
Aave’s $3 trillion deposit milestone
While the daily price chart remained red, Aave disclosed a key achievement as the protocol’s total deposits hit an all-time high above $3 trillion.
The massive figure underscores the liquidity supplied to decentralized lending pools on Aave across supported networks.
Most importantly, the milestone signals steady adoption since 2020, user trust, and Aave’s growing influence in the DeFi landscape.
Initiatives like integrating with Ripple’s stablecoin and MetaMask’s new feature have enriched Aave’s lending and borrowing infrastructure.
The massive deposits into Aave provide deeper liquidity, which translates to competitive yields for lenders and a smooth process for borrowers to secure funds.
Moreover, the $3 trillion deposits hint at institutional participation.
Companies and businesses have ventured into crypto over the past few years.
Aave could have been a perfect destination for entities looking for permissionless and transparent alternatives as TradiFi and DeFi merge.
Aave has cemented itself as a top lending platform.
Such a milestone could attract more users, developers, and partners to ensure long-term stability.
AAVE price outlook: 30% rebound looming?
The altcoin trades in red after losing over 6% in the past day to press time’s $299.
Chart by CoinmarketcapAAVE appears poised for further declines as sellers dominate the markets.
Meanwhile, the altcoin hovers in a clear battleground. It is heading toward the crucial support zone at $290.
The foothold has proven reliable since January, sparking significant bounce-backs and notable dips upon breach.
The massive $3 trillion deposits and renewed market sentiments could help buyers hold the support zone.
Bullish activity would see AAVE targeting the $300 psychological mark before reclaiming $320.
That could clear the path to $355 and the December 2024 target of $380.
Further uptrends amidst a potential altseason could stretch the rally to $450.
However, a closing under $290 would shift the tone. That could plunge AAVE prices to $260, where buyers might regroup.
The post AAVE outlook: mapping path for potential 30% recovery as Aave deposits hit $3T ATH appeared first on Invezz
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