Aave (AAVE) Price Sees Significant Increase as Whales Withdraw Tokens From Binance

Aave is among the largest DeFi platforms that recently attracted attention due to the large number of ongoing whale transactions.

Aave has seen a remarkable price increase following the large-scale withdrawal of AAVE tokens by three whales from Binance. The token experienced a surge of over 23% in the past 24 hours, trading at $125.82 at the time of writing. This increase occurred despite a decrease in trading volume, which dropped by 57.20% over the same period.

Two whales, identified by their wallets 0x3f9 and 0x64c, withdrew 16,592 AAVE tokens for the first time, valued at around $2.22 million. The remaining two whales, a multisign wallet (0xa92) and an unknown wallet, withdrew 50,605 and 67,197 AAVE tokens, respectively. These withdrawals, together, amounted to $9.02 million.

Aave Price Surges After Whales Withdraw Tokens from Binance

Three whales have withdrawn a total of 67,197 $AAVE ($9.02M) from #Binance in the past 24 hours!

1. Two whales, 0x3f9 and 0x64c (likely one entity), withdrew 16,592 $AAVE ($2.22M) for the first time ~ 50 mins ago.

2. Multisign 0xa92 withdrew 50,605 $AAVE ($6.8M) ~ 20 hours ago, now… pic.twitter.com/tcCA76Iobj

— Wu Blockchain (@WuBlockchain) November 23, 2022

Aave’s price has been closely following the movements of these whales, with the token experiencing a significant increase in value as they withdraw AAVE tokens from Binance. This activity has attracted attention, especially given Aave’s status as one of the largest DeFi platforms.

As mentioned earlier, Aave’s price has risen by more than 23% in the last 24 hours and is now trading at $125.82. The token’s immediate support level is around $118, while the resistance level is close to $132. A breakout from either of these levels could determine the next directional move for Aave’s price.

Moreover, a falling wedge pattern has been forming on Aave’s technical chart since late August. This pattern usually indicates a bullish trend reversal. As such, traders are keeping an eye on a potential breakout from this formation, which could further contribute to a rise in Aave’s price.

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