AAVE’s Price Soars Following SEBA Bank Adoption

The total cryptocurrency market cap is heading towards $2.3 trillion again as most coins start to recover from the recent slump. The broader market could rally higher in the coming days and months if the momentum is maintained.

AAVE Soars by More Than 11%

AAVE, the native token of the Aave Protocol, is one of the top performers amongst the leading 100 cryptocurrencies by market cap. The token’s price has soared by more than 11% over the past 24 hours and is primed for further gains.

Aave protocol is a decentralized finance (DeFi) platform on the Ethereum blockchain. It is a decentralized, open-source, and non-custodial money market protocol where depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity provided by the pools.

AAVE has been rallying over the past few days following weeks of negative performance. The rally comes following the protocol’s recent adoption by Swiss-based SEBA Bank. SEBA Bank submitted a proposal to the Aave Protocol team two days ago, seeking to become whitelisted on Arc. Arc is the institutional platform developed by the team behind DeFi lending protocol Aave.

By getting whitelisted on Arc, SEBA Bank wants to allow its clients to gain broader access to the Aave platform. Due to regulatory challenges, SEBA’s institutional clients have been unable to deploy liquidities at a large scale in Aave until now. SEBA is one of the largest digital banks in Switzerland, and the adoption is huge news for the Aave ecosystem.

AAVE Looks Prime for Further Gains

AAVE has been one of the best performers in the market and looks set to record further gains in the coming hours and days. The technical indicators show that AAVE is recovering from a recent slump and could rally higher soon.

AAVE is still trading below its 50-day moving average of $241 but could target that price if the market momentum can be maintained. Due to its recent losses, AAVE’s MACD line is still within the negative territory but is rallying towards the neutral zone. The improved RSI of 57 shows that AAVE could be heading towards the oversold region.

If the market momentum is maintained, AAVE could rally towards the first major resistance level of $235 over the next few hours. An extended rally would allow AAVE to break past its 50-day moving average above $240 before the end of the day.