AAVE jumps 56% in market cap – Is $252.59 next?

• AAVE experienced explosive growth driven by political crypto sentiment.
• On-chain metrics signaled a potential bullish run.

Aave [AAVE] is currently the talk of the crypto world, having posted an impressive 53% growth in market capitalization in just two weeks.

This significant increase may be due to speculation about favorable crypto policies under the Trump administration.

Times are changing, and AAVE is riding the wave of positive market sentiment.

Breaking down AAVE’s on-chain explosion

The last 24 hours have been extraordinary for AAVE, with significant on-chain data milestones indicating intense market activity.

According to Santiment’s data, AAVE whale transactions have reached 587, the highest since March 2022, suggesting serious institutional interest and potential market movement.

At the same time, its transaction volume has hit 385.9 million, the most significant since October 2021.

Equally impressive is the network engagement, with 2,346 unique addresses transacting—a level not seen since June 2023.

Source: Santiment

Technical indicators paint a bullish picture

Technically, the coin is showing strong bullish signals. At the time of writing, the altcoin was trading just above a key weekly resistance line at $244.

AAVE has demonstrated impressive bullish momentum, breaking past the $244 resistance level with a recent 21.63% gain.

This breakout indicates strong buying interest, with the next target set at $252.59. If this momentum continues, the altcoin could reach $270.

Source: TradingView

The bulls are winning the battle

AMBCrypto’s analysis of Coinglass data shows a spike in the altcoin Long/Short ratio. The data indicates a dominance of long positions recently, with over 50% of traders going long.

This reinforces the likelihood of the anticipated bullish rally, given that the coin is trading just above a key entry price level.

Source: Coinglass

Read Aave’s [AAVE] Price Prediction 2024-25

The convergence of fundamental, on-chain, and technical indicators all point to a bullish rally for the coin.

If the bullish momentum above the $244 price level holds, the altcoin could surge to test higher resistance levels.