- On-chain metrics suggested short-sellers could fuel selling pressure
- The $343 and $365-levels represented areas of selling pressure for AAVE’s price
Waves of significant market volatility have seen many crypto assets move significantly in either direction almost at random. In this context, Aave (AAVE) has been gaining significant attention from long-term holders, investors, and whales. Especially as they appear to be accumulating the token now.
Million worth of AAVE’s accumulation
According to popular crypto expert Ali’s latest post on X (formerly Twitter), crypto whales purchased $62 million worth of AAVE tokens in the last three days alone. In addition to this accumulation, a blockchain-based transaction tracker, Lookonchain, also revealed that a single whale accumulated 11,663 AAVE – Worth $3.93 million.
Looking at these numbers, it would seem that this could be an ideal opportunity to buy AAVE tokens.
Traders’ bearish bets
Besides the whales’ recent activity, intraday traders seem to be taking advantage of the present market sentiment as they are strongly betting on the short side.
In fact, Coinglass’s data revealed that bulls are over-leveraged at the $316, $312, and $300-levels, where they have held over $7.90 million worth of long positions. Conversely, short-sellers are over-leveraged at the $320, $327, $340, and $345-levels, where they have held $21.33 million worth of short positions.
These findings suggested that short-sellers are strongly dominating the asset. Hence, they might have the potential to cause selling pressure and fuel further bouts of price depreciation.
Despite significant accumulation by whales and investors, the token’s price has bee
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Author: Vivaan Acharya
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