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Whales Buy LDO and AAVE Ahead Of July — What To Expect For These Token Prices?

Last Updated June 27, 2024 3:06 PM
Nikola Lazic
Last Updated June 27, 2024 3:06 PM

Key Takeaways

  • Lido whale count increased by 2%.
  • Aave saw a 128% surge in large transactions.
  • Whales accumulated Lido and Aave for July gains.

Crypto whales are accumulating Lido (LDO) and Aave (AAVE) in anticipation of potential gains in July. Lido’s whale count increased by 2% in the past week, signaling growing confidence among large investors, particularly as they prepare for the expected launch of spot Ethereum ETFs. 

Aave has also seen a significant rise in large transaction volume, suggesting strong interest from big players. These trends indicate that major investors are positioning themselves for future price increases in these assets.

On-chain Data 

When it comes to LDO token distribution , we have seen an uptrend in all of the cohorts since June 22. However, whales here are considered to have 100,000 tokens and more. The number of addresses holding between 100,000 and 1,000,000 tokens increased from 283 to 287. A downtick of 1 address is seen, but the overall uptrend remains.  

LDO
Supply Distribution | Source: Santiment

On the other hand, the most significant cohort of addresses between 1,000,000 and 10,000,000 is on a steady incline from mid-June’s low of 95 to a high of 99. 

AAVE
Large transaction | Source: IntoTheBlock

The number of larger transactions  for AAVE also rose in June. We saw an increase from a low of 15 txs on June 22 to a high of 65 txs today, June 27. This is the highest point since mid-April, and as the price of AAVE is significantly lower, it could hint at a buying pressure. 

LDO and AAVE Price Analysis 

LDO’s price started downward after hitting a yearly high on January 10. It fell to $1.50 by May 15, fully retracing its earlier gains. Following this, LDO broke below its ascending support line but surged 78% to $2.70 by May 26, driven by strong momentum. 

LDO
LDOUSD | Credit: Nikola Lazic/Tradingview

This peak coincided with its descending trendline from January, marking a crucial point. LDO then dipped but recorded its first higher low since January at $1.77 on June 11, indicating a potential new uptrend. 

The price rallied nearly 32% to $2.34 by June 19, nearing its descending resistance, and has once again continued. A break above this trendline would signal a bull phase, potentially pushing LDO above $3 and reaching its January high of $4 later in 2024.

AAVE reached its yearly high of $155 on March 12, following an uptrend in mid-June last year when it established a support plateau of around $50. This uptrend broke out and formed a five-wave pattern, signaling the start of a new bull phase.

AAVE
AAVEUSD | Credit: Nikola Lazic/Tradingview

 

Since March 12, AAVE has declined, hitting a low of $72 on April 13. It then recovered by 35%, reaching $98 on April 22.

If the previous uptrend was the first sub-wave of a larger bull cycle, the downturn from its March peak was the first bull market correction. On June 24, it retested the $72 horizontal support and made a strong 25% bounce, reaching a high of $96 today. 

We can expect AAVE to continue its recovery, potentially turning into a more significant uptrend as it starts its higher-degree third wave. The first target is around $115. If it continues climbing, AAVE could head towards a new yearly high, with a price target above $200.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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