“The lending protocol’s token showed weakness as technical support crumbled, plunging below $210.”, — write: www.coindesk.com
The DeFi bluechip token carved out consecutive lower highs and lower lows, establishing clear bearish momentum while peers advanced, CoinDesk Research’s market insight tool showed. Trading activity surged 40% above seven-day averages, signaling active repricing rather than quiet drift.
AAVE underperformed the CoinDesk 5 Index (CD5), which fell nearly 4%, underscoring the broad-based weakness.
The correction happened despite Aave posting strong growth on its institutional real-world asset lending arm Horizon. The marketplace grew above $450 million since its launch roughly two months ago, data shows.
What Traders Should WatchKey technical levels signal a potential breakdown risk for AAVE, CoinDesk Research’s market insight tool suggested.
- Support/Resistance: Critical $211.00 support failed, while the $235 level capped earlier advances forming resistance.
- Volume Analysis: Three volume spikes at $228, $219, and $213 confirmed selling waves.
- Chart Patterns: Lower highs and lower lows established bearish trend across a $26.88 range representing 11.4% overall price decline
- Targets & Risk: Failed recovery at $212.70 sets up deeper pullback.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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One onchain observer noted a large transaction by Jump Crypto, speculating that the crypto firm might be rotating SOL into BTC, perhaps weighing on sentiment.
- Solana (SOL) fell 8% on Thursday, continuing its decline despite a solid launch of the first spot-based Solana ETFs in the US
- The Bitwise Solana Staking ETF (BSOL) saw $116 million in net inflows, while the Grayscale Solana Trust (GSOL) attracted $1.4 million.
- A significant on-chain transfer by Jump Crypto may have impacted sentiment, as that firm moved 1.1 million SOL to Galaxy Digital, sparking speculation of rotating from SOL to BTC.
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