• AAVE price reached highs of $173 on Monday, its highest level since April 2022.
• TVL has also recovered as the decentralised finance protocol witnessed bullish sentiment.

DeFi protocol Aave (AAVE) has seen the price of its native token surge to highs last seen in April 2022.

The surge to above $173 represents Aave’s highest price level since the coin traded at around $176 on April 28, 2022.

For AAVE, it was a sharp downturn after bulls reached the all-time high above $670 in May 2021, before a massive accumulation phase for nearly two and half years.

AAVE/USD weekly chart. Source: TradingView

Aave now looks poised above the horizontal line that has constrained buyers for this long.

Part of this recovery comes as the broader crypto market eyes an upward run, led by Bitcoin’s flip above $60k and the rally that includes retesting of bear resolve above $64,800. According to CoinGecko data, AAVE/USD has jumped more than 172% in the past year, including an uptick of over 23% in the past week.

These gains have come as AAVE’s total value locked recovered since the decline to $5.7 billion in January 2023. In a year where the decentralised finance market has benefited from an overall recovery amid greater lending and borrowing, DeFiLlama shows Aave’s TVL has touched $22.1 billion.

Most of the value is on Aave V3, which has seen a lot of key integrations across the market. Total TVL for the network stood around $20.5 billion.