With record-breaking highs for the Aerodrome Finance network, the bull run targets a new all-time high near $3.
With a boost in buying pressure, the DeFi space is heating up as it crosses the $177 billion market cap. Aerodrome Finance is the top performer, with a surge of 15.50% over the past 24 hours.
With a market cap of $1.56 billion, the trading volume has surged 15.57% in the past 24 hours, reaching $114.29 million. The surge in buying pressure suggests a new all-time high.
One of the key factors driving the massive bull run in the Aerodrome Finance market price is the impressive network growth. Aerodrome Finance has delivered a record-breaking week over the last week with the rising heat in the DeFi space.
The platform’s total value logged, TVL, has surged to an all-time high of $1.618 billion. This reveals the steady influx of capital, with the rising confidence of its users.
The rising liquidity in the current bull market increases Aerodrome Finance’s dominance in the DeFi space. Furthermore, the trading activity has also reached a new height, with a weekly volume of $8.2 billion.
Hence, Aerodrome Finance is positioning itself as a top-tier platform for traders and liquidity providers. Amid the massive surge in trading volumes and TVL, the Epoch fees have reached $8.2 billion.
Meanwhile, the voting rewards have soared to a record-breaking high of $9.8 billion. This reflects the strong incentives for its community to increase engagement over its platform.
Amid the increasing incentives, it also reflects the substantial value the platform is generating for its users and stakeholders. On a side note, the AERO token AERO $2.29 24h volatility: 16.5% Market cap: $1.63 B Vol. 24h: $216.83 M lock-up has reached $14 million.
While this is just a bit shy of a new record high, it still represents one of the highest commitments from Aerodrome users. Hence, with the massive network growth over the last week, Aerodrome’s consistent performance in the DeFi space is making it a top contender.
The Aerodrome Finance price trend in the weekly chart showcases a rounding-bottom reversal. With a massive surge of 38.88% last week, the weekly chart witnessed the formation of a massive bullish engulfing candle, resulting in a new swing high of 2.3378.
The bullish trend failed to create a new all-time high above $2.3748. However, the bull run was successful in finding a strong closure above the 100% Fibonacci level at the $2.00 psychological mark.
The present weekly candle showcases a massive lower-priced ejection as it bounces off from the 78.60% Fibonacci level at $1.70. Declining the $2.00 psychological mark, the AERO token is back to trading at $2.20.
As the uptrend sustains dominance above the broken neckline of the rounding-bottom pattern, the broader market anticipates a bullish trend continuation. Based on the Fibonacci levels, the uptrend is likely to surpass the 1.272 Fibonacci level at $2.4379.
Hence, the potential new all-time high for the AERO token is likely the 1.618 Fibonacci level at $2.9583. Supporting the bullish trend, the last three positive weeks have resulted in a surge of 64.35%, and the lower price rejection in the present week reveals the massive underlying demand.
On the flip side, a potential retest is possible to the $2.00 psychological mark in the upcoming weeks if the broader market turns volatile.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
