- AAVE active addresses jumped 34% in the last 24 hours, signaling greater user engagement
- Market sentiment surged with liquidity – A sign of bullish bias as most selloffs were short
AAVE has been gaining momentum lately with bullish trends taking center stage in the market. Now expected to be among Grayscale’s top performing assets for Q4 2024, this token’s performance can be confirmed by an increase in on-chain activities and positive market sentiment.
With its retracement slowing, AAVE has very strong potential for another rally on the charts.
Active addresses see a 34% increase
In just the last 24 hours, AAVE’s trading activity has increased significantly. The number of active addresses increased by 34%, according to AMBCrypto’s analysis of IntoTheBlock data.
This increase is an indication of increasing market activity, which could propel the coin price higher on the charts.
Higher network activity generally indicates greater adoption and increased market confidence. This is a positive sentiment for the long-term outlook of the market.
Source: In the block
Liquidation Data Reveals Strong Bullish Sentiment
According to Coinglass, the liquidation heatmap has been biased upward over the past 24 hours. Most of the liquidations appeared to be occurring in the open. This can be interpreted as a sign that buying pressure is simply outweighing any selling that might occur with the token.
With the market bias working in favor of the bulls, the ongoing AAVE rally could still last in the short term.
Source: Coinglass
The buzz on social networks propels AAVE even further
In addition to the aforementioned positive sentiments, mentions of AAVE on social media have also increased.
In fact, AAVE social mentions increased from March to September 2024, indicating greater investor interest.
Since sentiment on social media often follows price action, this could well lead to significant appreciation in the asset’s value.
Source: Santiment
AAVE Bullish Future Looks Bright
A sustained increase in active addresses, bullish liquidation data, and growing social mentions all point to a long-term rally that may just be beginning.
While market sentiment remains positive and Grayscale ranks AAVE among its top performers, investors have plenty of reasons to remain optimistic.
