DeFi
Aave gains 25% in 7 days despite decrease in number of holders
The number of Aave holders has been decreasing over the past week, while the token emerges as the biggest gainer during the mentioned period.
Aave is up 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 has gained 25.3% in the last seven days as the cryptocurrency market has gained momentum. Its market cap currently stands at $1.52 billion, making it the 53rd largest cryptocurrency.
Aave Price, RSI, Open Interest and Number of Holders – July 14 | Source: Santiment
Average RSI
The rise in the asset price comes as ready decentralized finance (challenge) TVL of the protocol increase by 7.5% over the past week, reaching $12.3 billion.
Data from Defi Llama shows that the platform accrued $5.38 million in fees and generated over $862,600 in revenue during the same period.
According to Santiment, the total number of Aave holders decreased from 168,340 to 167,900 unique addresses over the past seven days.
On the other hand, data from the market intelligence platform shows that Aave’s total open interest has increased from $31 million on July 7 to $55 million at the time of reporting. At this point, we can expect high price volatility for the asset due to potential whale movements and increased liquidations.
Meanwhile, the Aave The Relative Strength Index (RSI) has been steadily increasing over the past week, rising from 38 to 63. The indicator shows that the token is slightly overbought and short-term profit-taking is normal under these conditions.
For Aave to remain in the bullish zone, its RSI would need to drop below the 50 mark.