Aave rallies 25% in 7 days, 5% in past 24 hours despite fewer holders

The number of Aave holders has been decreasing over the past week while the token emerges as the top gainer in the mentioned timeframe.

Aave is up by 5% in the past 24 hours and is trading at $102.2 at the time of writing — a level last seen in late May.

The asset gained 25.3% over the last seven days as the crypto market gained upward momentum. Its market cap currently stands at $1.52 billion, making it the 53rd-largest cryptocurrency.

Aave RSI

The asset’s price rally comes as the lending decentralized finance (defi) protocol’s TVL increased by 7.5% over the past week, reaching $12.3 billion.

Defi Llama’s data shows that the platform accumulated $5.38 million in fees and generated over $862,600 in revenue in the same timeframe.

Per Santiment, the total number of Aave holders decreased from 168,340 to 167,900 unique addresses in the past seven days. 

On the other hand, data from the market intelligence platform shows that the Aave total open interest rallied from $31 million on July 7 to $55 million at the reporting time. At this point, high price volatility would be expected for the asset due to potential whale movements and increased liquidations. 

Meanwhile, the Aave Relative Strength Index (RSI) has been consistently rising over the past week — surging from 38 to 63. The indicator shows that the token is slightly overbought and short-term profit-taking is normal in these conditions. 

For Aave to remain in the bullish zone, its RSI would need to cool down below the 50 mark.