AAVE Price Rebounds After 15% Dip, Eyes 20% Gain
AAVE price took a hit, falling over 15% in four days. It dropped from $283 on May 27 to $240. But buyers quickly stepped in, pushing the price back up to $254. It’s now at $251.
This rebound is linked to growing interest in Aave’s protocol. The rise of tokenized yield markets, especially with Pendle and Ethena, is driving this interest.
On May 27,Aave added three new collateral types: eUSDe,July-maturity PT-USDe,and August-maturity PT-eUSDe. This added about $700 million to the market. Pendle launched two of these markets the next day. Both hit their supply caps within hours. Pendle raised the limits, but they filled up again quickly.
- Pendle PTs now have a total supply of $1.32B on Aave.
- These tokens let users trade and monetize future yield.
While these tokens don’t directly effect AAVE price, they show growing use of Aave’s platform. This could boost the token’s value in the long run. aave holds 20% of all TVL in DeFi.
AAVE price could rise 12% to $283. If it breaks this resistance, the next target is $300, a 20% increase from current levels.
Source: crypto.news
