Aave (AAVE) is currently one of the best-performing cryptocurrencies among the top 100 projects. The asset has rallied 21.1% in the daily charts, 22.8% in the weekly charts, 54.4% in the 14-day charts, 88.1% in the monthly charts, and 206.8% since May 2024.
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AAVE Rises Amid Market Rally
AAVE’s latest rally comes amid a market-wide resurgence. Bitcoin (BTC) is once again testing the $106,000 mark after its recent dip to $101,000. The global crypto market cap has risen 0.4% in the last 24 hours to $3.45 trillion.
AAVE’s rally is likely due to the team announcing a v3 deployment on Aptos. The move led to the project’s Total Value Locked (TVL) hitting an all-time high of more than $24 billion. The market rally may have further helped the upswing caused by the upgrade announcement.
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The cryptocurrency market may be in the early stages of another bullish phase. There is a possibility that the Federal Reserve will announce an interest rate cut after its next meeting. A rate cut could lead to a surge in risky investments. AAVE and other crypto assets could see a continued rally under such conditions.
Will The Asset Hit A New All-Time High?
AAVE is down by nearly 60% from its all-time high of $661.69. The asset hit its peak on May 18, 2021, during the last bull run. If the asset maintains its current momentum, it could reclaim its previous peak very soon.
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According to CoinCodex analysts, AAVE could face a correction over the coming weeks. The platform anticipates the asset’s price to dip to $136.90 on June 27. The coin’s price will face a 48.27% correction if it falls to the $136.90 mark. CoinCodex predicts AAVE will rebound after hitting $136.90. The platform expects the asset to trade at $246.75 on Aug. 17 of this year.
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