AAVE price hit a high of $173 on Monday, its highest since April 2022. TVL also recovered as the decentralized finance protocol exhibited bullish sentiment.
DeFi protocol Aave (AAVE) has seen the price of its native token soar to its highest level since April 2022.
The surge above $173 represents Aave's highest price level since April 28, 2022, when the coin traded around $176.
For AAVE, it is a sharp decline after a massive accumulation phase spanning roughly two and a half years, after bulls helped the stock reach an all-time high of over $670 in May 2021.
Aave now appears to be trading above the horizontal line that has held back buyers for so long.
Part of this recovery comes on the back of an overall crypto market uptrend, including Bitcoin surpassing $60,000 and retesting bearish resolve above $64,800. According to data from CoinGecko, AAVE/USD is up more than 172% over the past year and is up more than 23% in the past week.
These gains come as AAVE's total locked value has recovered since falling to $5.7 billion in January 2023. Over the past year, as decentralized finance markets have benefited from a general recovery driven by increased lending and borrowing, DeFiLlama shows that Aave's TVL has reached $22.1 billion.
The majority of the value is in Aave V3, which is seeing a lot of significant integrations across the market. The total TVL of the network is around $20.5B.
