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- AAVE’s monthly outlook looks surprising, with potential for a breakout.
- Aave dominated the DeFi sector as a new initiative sought to boost adoption.
Aave (AAVE), one of the leading DeFi protocols, continues to demonstrate strong performance, showing resilience and potential for long-term market gains.
The AAVE price chart is impressive on a monthly time frame, having broken the downtrend and consolidated, with signs of an imminent breakout. This breakout could signal a significant bullish move in the AAVE/USDT pair.
Last month, Aave’s volume hit resistance, suggesting it is positioned for a potential price rally. Projections indicate a long-term target of $450 if it stays above $150.
Source: TradingView
This makes it an attractive investment opportunity for both long-term and short-term traders. The Stochastic RSI at 83 indicates substantial buying pressure, reinforcing the positive outlook for its price action.
AAVE Leads with Active Loans
Additionally, on-chain data highlighted increasing revenue from decentralized applications (dApps), leading to increased user engagement and utility.
Since 2021, Aave has been a leader in the decentralized finance (DeFi) sector, holding the position of the most active loans, showing real growth that continues to expand.
Its dominance in the DeFi space positions it as a key player with a bright future.
Source: Token Terminal
The lending protocol is at the forefront of the shift from meme coins to utility-focused projects. This should have a positive impact on Aave’s future price as the platform continues to attract more users and investors.
Stablecoin Aave (GHO) also saw significant growth, with its transfer volume peaking in August despite broader market declines.
Source: Token Terminal
Active users and GHO supply
The stablecoin’s supply has reached an all-time high and the number of GHO holders continues to grow, further supporting this positive outlook.
Additionally, its monthly active users have increased across various blockchain networks including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, among others.
Source: Token Terminal
In the meantime, he launched the Sky Aave Force initiative, which aims to drive mass adoption and bridge the gap between DeFi and TradFi.
Read Aave (AAVE) Price Prediction 2024-2025
Sky proposed to integrate USDS and Savings USDS on Aave V3 with native token rewards, creating a new Sparkdotfi/Aave marketplace, exclusive rewards and more.
Aave’s continued developments and strong market performance suggest that AAVE’s price could see significant gains in the future. Aave’s strength in the DeFi space could drive the broader cryptocurrency market higher.
