Ave market in the shock of selling 37 million big whales; Will AAVE’s $160 support last?

study time: 2 minutes

The price of AAVE (AAVE) fell about 10% in the last 24 hours with heavy selling of a big whale.

According to reports, a well-known wallet with the ID 0xa923 entered the market with more than 230,000 Ave units valued at approximately $37.6 million, creating intense selling pressure. This transaction was associated with a loss of approximately 13.8 million dollars, which indicates the rush of this investor to sell.

Analysis of the charts shows that the price is under pressure in the support range of $160-165, and every time the buyers’ attempts to return have stopped.

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The indicators also indicate weakness in the short-term recovery momentum. However, data from China shows some whales are still piling on and exchanges have reduced inventory, which could reduce immediate selling pressure.

Institutional investors are also still interested in Ave; For example, Multicoin Capital bought about $20 million in Ave earlier this month.

According to analysts, closing the daily candle below $160 could pave the way for a drop to the $145-$150 range.

On the other hand, the accumulation of whales and the reduction of stock exchanges increase the probability of a short-term return to $170-165.