AAVE whales dump 158,227 tokens worth $35.51 million

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AAVE whales dump 158,227 tokens worth $35.51 million

Aave [AAVE] has experienced sharp downward pressure since reaching $264 four days ago, falling to a low of $210.

At the time of writing, AAVE was trading at $214, after facing an 11.57% drop in the past 24 hours and a 21.91% decline over the last seven days.

As the price continues to break down, investor sentiment has worsened, prompting panic selling, particularly among large holders, or whales.

AAVE whales dump $35.5 million worth of tokens

Notably, following the markets brief attempt to recover from the recent price crash, AAVE saw a sharp increase in whale activity.

According to CryptoQuant, the Spot Average Order Size showed large whale orders for seven consecutive days, an indicator of sustained participation from major holders in the spot market.

Source: CryptoQuant

Source: Lookonchain

Retail traders join the sell-off

Source: Coinalyze

Source: CryptoQuant

More losses looming？

According to AMBCrypto, AAVE has experienced a sustained decline driven by whale and retail selling pressure.

Therefore, AAVE has dropped below both short-term and long-term Moving Averages, indicating downside momentum and weak market structure.

Source: TradingView

Thus, both short-term traders and long-term traders have lost confidence and momentum, marking a corrective phase. Such a market structure signals trend continuation potential.

If this trend continues, AAVE will drop to the lower boundary of the Future Trend Channel at $209, with $202 as key support.

For a trend reversal, however, bulls must step up and reclaim the Future Price based on the Future Trend Channel around $244. This will strengthen the altcoin to target the Short-term EMA (EMA20) at $258.