Revolut shifted over $6.44 million worth of AAVE tokens from cold storage straight to Coinbase in just one day, breaking its pattern of selling from hot wallets. This sparked fresh chatter about possible increased supply heading to exchanges and whether the market could handle such a significant move.
Despite the sizeable transfer, AAVE’s price structure held firm. Traders debated if this was just routine treasury activity or a sign of profit-taking. Cold wallet transfers usually indicate stronger intent to liquidate, which elevated watchfulness among market participants.
Derivatives and Price Action Signal Confidence
Meanwhile, derivatives traders showed steady optimism. The open interest-weighted funding rate remained positive at 0.0045%, meaning longs were paying a modest premium to hold positions. Funding rates fluctuated in prior weeks but this reading suggested leveraged traders still lean bullish without signs of overheating.
Spot demand combined with positive funding underlined a constructive outlook. If this trend continues, leveraged players might help sustain AAVE’s rebound rather than intensify any downward moves.
Price hovered around $98.21, consistently respecting the rising trendline traced back to June lows. The token repeatedly tested the $100 barrier but hasn’t broken through decisively. The Relative Strength Index sits at 58.01, above neutral territory and signaling healthy buying momentum well short of being overbought.
Buyers have defended pullbacks effectively, forming higher lows and maintaining control. A decisive close above $100 could open the door to a move toward $120 resistance. However, failing at this level might refocus attention on $90 support, key for the ongoing uptrend.
material is for informational purposes only and does not constitute financial advice
