AAVE Soars 18% Amidst Adverse Market Conditions – Details
18 August 2024 - 5:00PM
NEWSBTC
With the general sentiment in the market cooling down, AAVE scores
a win as it maintains high profitability even as the market dips
slightly. According to CoinGecko, the token is up over 18% since
last week, a sign that AAVE is continuing the market’s bullishness
despite the latter grinding to a near stop. Related Reading:
Polkadot (DOT) Investor Confidence Falls As Token Loses 16% AAVE is
looking to expand the reach of its operations with a proposal that
sees to activate the Aave v3 on zkSync, leveraging the latter’s
rollup capabilities to keep transactions cheap for users. Yes
To Aave v3 Activation On zkSync Aave v3’s activation on zkSync is
part of a long-term deployment of Aave v3 on the zkSync chain. It
was first outlined back on June 11th, citing zkSync’s scalability
and efficiency while “maintaining the security and decentralization
of the Ethereum mainnet… Deposit and borrowing activities can
greatly benefit from the reduced transaction costs and increased
throughput offered by zkSync.” Once activated, users of Aave can
expect low transaction fees and fast finalization which helps
improve user experience while enhancing the network’s
scalability. The voting process for the proposal is still
ongoing, but the general consensus at the moment is an outstanding
“Yes” for the community with nearly 47,000 votes in favor of
activation. However, the proposal needs 320,000 votes to pass,
giving more time for users to weigh in the pros and cons of the
activation. Secured Levels Open Opportunities For AAVE As of
writing, AAVE returned to its pre-August level at $110.43, opening
the potential of reaching $124 in the short term. But this also
opens the question of whether the crypto has momentum to reach this
price target. The $105-$115 price range opens the door to
higher levels once bullishness resumes. With the market stagnating
after a couple of days of bullish action, we might see the coin
rest on this price level before a continuation rally occurs next
week. Related Reading: Cosmos Price Analysis: Why This
Analyst Says ATOM Has ‘A Great Chart’ However, this movement is
hinging on the probability that the market resumes its bull run. If
the market sentiment continues to encourage selling, we might see
the token return to pre-$100 levels in the coming days, possibly to
the $93 floor price. But the current relative strength index
(RSI) figures suggest that AAVE still has some wiggle room to
squeeze some short-term gains. Along with improving macroeconomic
factors, we might see another wave of capital inflow from budding
retail investors trying the market out for some time.
Investors and traders should be positive within the coming days, as
the token stabilizes around the current price range to retain
momentum for the long term. Featured image from Shrimpy
Academy, chart from TradingView
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