Whales Buy $7.5M AAVE: Is $440 Next After “Umbrella” Slashing Goes Live?

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Aave, currently hovering around $250, has managed to dip by a measly 4% over the past day. Despite the recent drop, the 29th largest cryptocurrency has seen a loss of over $200 million in market cap. But don’t fret, traders and analysts are still clutching onto their hopes, believing in the steady, if not magical, rise of AAVE.

The newfound optimism stems from the launch of Aave’s latest and greatest creation, the “Umbrella” system. A fully on-chain, staking-based risk management tool designed to… wait for it… improve capital efficiency and automate bad debt coverage. Because who wouldn’t want a “financial umbrella” to keep things from raining on your portfolio?

Umbrella replaces the old Safety Module. Oh, you remember that one, right? No? Well, no matter. Now you can stake “aTokens” like aUSDC, aWETH, and GHO. These are the new hotshots, the cool kids on the block. The system went live on Ethereum, and the world is holding its breath to see which other chains will soon follow.

Whales Make Significant AAVE Purchases: Is the Confidence as Strong as the Stench of Hype?

It seems that not all hope is lost, especially for the whales. Earlier today, two colossal creatures of the sea — or shall we say the crypto ocean — dove in to buy up AAVE. According to LookOnChain’s data, whale wallet 0x372c borrowed 5 million USDC from Aave, and in return, it scooped up 19,608 AAVE tokens. This majestic whale now holds a whopping 280,673 AAVE, worth $69.4 million. Oh, the things that money can buy.

2 whales bought 29,739 $AAVE ($7.5M) again today.

0x372c borrowed 5M $USDC from #Aave to buy 19,608 $AAVE 11 hours ago, now holding 280,673 $AAVE ($69.44M).

0xeBb4 borrowed 2.5M $GHO to buy 10,131 $AAVE 7 hours ago, now holding 120,513 $AAVE ($29.8M).…

— Lookonchain (@lookonchain) June 6, 2025

But wait, there’s more! Whale 0xeBb4, the second in this tale of cryptocurrency indulgence, borrowed 2.5 million GHO and snatched up 10,131 AAVE. This wallet now holds 120,513 AAVE, worth around $29.8 million. Sounds like a good day to be a whale, doesn’t it?

These transactions are occurring in the midst of a market that refuses to make up its mind, but smart money seems to be thinking: “Let’s get in now, before things start flying!”

The AAVE Price Forecast: Hold on to Your Seat, We’re About to Get Technical

If you look at the AAVE price chart, you’ll see that the RSI is near 54. This signals that there’s potential for a little more upward movement. The bulls, with their sharp horns, are eyeing the sky. But, don’t break out the champagne just yet. If the RSI climbs further, it could make the bullish case stronger. Keep your eyes peeled, folks.

AAVE price chart with RSI and Bollinger Bands | Source: Trading View

Meanwhile, Bollinger Bands are playing it safe. There’s consolidation around the 20-day SMA (that’s the mid-band, for those of you still catching up), with resistance around $280. But hold on, the lower band is a rock-solid support level at $235, indicating that people are still buying, despite the bumpy ride.

And what about the MACD? Oh, it’s showing a bearish crossover with those ominous red bars. This suggests that short-term momentum might still be under pressure. The bulls better hustle and reclaim $260 quickly, or it might be a longer wait than anticipated.

AAVE price chart with MACD | Source: Trading View

AAVE appears to be forming an inverse head and shoulders pattern on the daily chart. Translation: it’s typically a bullish sign. The neckline, however, seems to hover around the $280-$290 zone, which coincidentally aligns with the Bollinger Band resistance. A bit of a conspiracy there, don’t you think?

Some analysts believe that a breakout above that neckline could send the price to a target near $440. Could this be the moment we’ve all been waiting for? Perhaps, but only time will tell.

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2025-06-06 20:00