With the general market sentiment slowing down, AAVE has been a winner because it has maintained high profitability even as the market has fallen slightly. According to Queen GeckoThe token is up over 18% since last week, a sign that AAVE is continuing to rally despite the recent grinding Almost to a stop.
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AAVE is looking to expand its operations with a proposal to activate Aave v3 on zkSync, leveraging the latter’s aggregation capabilities to keep transactions cheap for users.
Yes to activate Aave v3 on zkSync
The activation of Aave v3 on zkSync is part of a long-term rollout of Aave v3 on the zkSync chain. It was first scheduled for June 11, quote “The scalability and efficiency that zkSync provides while maintaining the security and decentralization of the Ethereum mainnet… Deposit and borrowing activities can benefit greatly from the lower transaction costs and increased throughput that zkSync provides.”
Once activated, Aave users can expect low transaction fees and fast settlement, helping to improve the user experience while enhancing the network’s scalability.
The proposal is still being voted on, but the general consensus at the moment is: distinct The community voted “yes” with nearly 47,000 votes in favor of activation. However, the proposal needs 320,000 votes to pass, giving users more time to weigh the pros and cons of activation.
Safe levels provide open opportunities for AAVE.
At the time of writing, AAVE has retraced its pre-August high of $110.43, opening the door to a potential $124 in the near term. But this also raises the question of whether the cryptocurrency has enough momentum to reach this price target.
The $105-115 price range opens the door to higher levels once the uptrend resumes. With the market stagnating after two days of bullish movement, we may see the coin stabilize at this price level before a sustained rally next week.
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However, this move is dependent on the possibility of the market resuming its upward trajectory. If market sentiment continues to encourage selling, we may see the token return to pre-$100 levels in the coming days, possibly to $93.
But the current RSI numbers suggest that AAVE still has some room to run for some short-term gains. Along with improve macroeconomics With these factors, we may see another wave of capital inflows from novice individual investors who are trying to experience the market for some time.
Investors and traders should be positive over the coming days as the token stabilizes around the current price range to maintain the long-term momentum.
Featured image by Shrimpy Academy, chart by TradingView