Reports from on-chain analyst Yu Jin reveal a significant liquidation event involving a major AAVE holder. The price of AAVE plummeted to $116, leading to the liquidation of the ‘102,000 AAVE Whale’ address, selling 5,684 AAVE to settle 618,000 GHO. If AAVE’s price dips below $115, more liquidation from this whale is anticipated.
📉 Reasons Behind AAVE Price Drop
The sudden drop in AAVE’s price to $116 triggered panic selling and forced the ‘102,000 AAVE Whale’ to liquidate a substantial portion of their holdings. This intensified selling pressure, causing further downward momentum.
⚡ What Lies Ahead for AAVE?
If AAVE fails to find support above $115, it could face additional sell-offs, potentially pushing the price lower. Traders are closely monitoring key support levels to assess the likelihood of a trend reversal.
🤔 Is It Time to Buy AAVE?
With AAVE’s price experiencing a sharp decline, some investors might view this as a buying opportunity, while others remain cautious due to the ongoing selling pressure. It’s essential to conduct thorough research and consider the potential for further downside before making any investment decisions.
Will AAVE recover from this liquidation event, or is more downside ahead? Share your thoughts below!
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