AAVE token continued its strong rally, reaching its highest point since Feb. 1 and rising 180% from its lowest level on April 7.
AAVE (AAVE) soared to $312 as network growth accelerated. Data shows that the total value locked on the network jumped to a high of $27.5 billion, up from the April low of $16 billion.
The total borrowed amount rose to $17.5 billion, up from $10 billion on April 13, a sign that the protocol is gaining traction.
AAVE’s fees have also jumped in the past few months. It generated $40 million in May, up from $33 million in April. Most notably, cumulative revenue crossed the key resistance level at $210 million and reached $211.7 million.
AAVE price has jumped as the amount of staked tokens climbed to the highest level since February. There are now $912 million worth of staked AAVE coins, up from this month’s low of $350 million.
The rally also coincided with a surge in futures open interest, which soared to a record high of $745 million, up from the year-to-date low of $180 million. Soaring open interest signals growing demand from investors.
Meanwhile, AAVE’s supply on exchanges has dropped from 3.8 million in December last year to 3.06 million today. The total supply in profit has jumped to 1.25 million, its highest level since January.
AAVE price technical analysis
AAVE price chart | Source: crypto.news
The daily chart shows that the AAVE token bottomed at $114.80, its lowest point on April 7. It recently broke above the resistance level at $282.10, its highest swing on May 27.
AAVE has formed a golden cross pattern, as the 50-day and 200-day Exponential Moving Averages continue to slope upward. Similarly, the Relative Strength Index and the Average Directional Index have both continued to rise.
The token will likely continue climbing as bulls target last year’s high of $398.85, its peak in December and 28% above the current level. A drop below the support at $282 would invalidate the bullish outlook.