Despite the massive downturn in the cryptocurrency market, Aave’s (AAVE) trading volume has skyrocketed by 131% in the last 24 hours as crypto whales go on a buying spree. On September 4, 2024, when Bitcoin (BTC) breached its crucial support level of $57,000, the overall cryptocurrencies experienced a notable price decline.

Whale’s Big Bet on AAVE

Amid this market downturn, crypto whales saw an opportunity in AAVE and heavily accumulated it. Recently, an on-chain analytic firm Lookonchain made a post on X (previously Twitter) that a whale bought a significant 50,504 AAVE tokens worth $6.78 million from Binance, the world’s biggest cryptocurrency exchange.

On the other hand, AAVE looks bearish on a four-hour time frame, and there is a high possibility it could fall back to the $118 level. The potential reason behind this speculation is historical price momentum, whenever AAVE’s price reaches between $130 to $135, it always tends to experience, leading to a significant price decline.

Rising Price and Open Interest

As of now, AAVE is trading near $130 and has experienced a price surge of 3.7% in the last 24 hours, despite the majority of top cryptocurrencies being in the red. Meanwhile, its trading volume has skyrocketed by 131%, indicating higher participation from investors.

However, AAVE’s open interest has also jumped by 7.3% in the last 24 hours, according to the on-chain analytic firm CoinGlass, indicating growing interest from traders amid the recent price decline.