On December 21, the price of AAVE Token plummeted nearly 11% within 30 minutes, ultimately closing at $162.37, with a daily decline of 8.75%. AAVE holders faced a “Christmas sell-off.” In stark contrast, the Bitcoin and Ethereum markets remained overall stable, with Bitcoin trading at $88,757.25 and Ethereum at $3,022.18. On-chain data indicates that this big dump was triggered by a Whale transaction, where one Address sold 230,350 AAVE Tokens worth $37.59 million within three hours and exchanged them for stETH and WBTC. This move heightened existing market concerns and triggered a chain reaction. Analysts believe that AAVE needs to hold the support area of $160-165; if it falls below this area, it could lead to a larger pullback, targeting around $130; and to confirm a trend reversal, it needs to close above $200.
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Big dump before Christmas? AAVE price prediction and Bitcoin Layer 2 new layers worth following
On December 21, the price of AAVE Token plummeted nearly 11% within 30 minutes, ultimately closing at $162.37, with a daily decline of 8.75%. AAVE holders faced a “Christmas sell-off.” In stark contrast, the Bitcoin and Ethereum markets remained overall stable, with Bitcoin trading at $88,757.25 and Ethereum at $3,022.18. On-chain data indicates that this big dump was triggered by a Whale transaction, where one Address sold 230,350 AAVE Tokens worth $37.59 million within three hours and exchanged them for stETH and WBTC. This move heightened existing market concerns and triggered a chain reaction. Analysts believe that AAVE needs to hold the support area of $160-165; if it falls below this area, it could lead to a larger pullback, targeting around $130; and to confirm a trend reversal, it needs to close above $200.