Aave (AAVE), the native token of the largest decentralized finance (DeFi) lending protocol, strongly rebounded from last week’s lows breaking through key resistance levels on Friday afternoon.
The token gained another 2% over the past 24 hours and is up 6% this week. It has established support at the $284-$285 levels, while it’s currently consolidating around $290.
The move occurred as the broader crypto market rallied, with gains across the board and bitcoin (BTC) breaking above $122,000, inching closer to its August record high. The broader DeFi market also accelerated, hitting a $219 billion in assets across protocols, a fresh record level, DeFiLlama data shows.
Deposits on Aave also climbed to a record $74 billion, cementing its top position among DeFi protocols, per DeFiLlama data. The platform enjoyed fresh inflows due to a recent partnership with up-and-coming stablecoin-focused chain Plasma. The Plasma lending market on Aave swelled above $6 billion in less than a week.
Technical indicators point to upside potential despite short-term profit-taking pressure at current levels, the CoinDesk Data research model shows. However, resistance levels hold firm between $290-$294 following repeated rejections.
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