DeFi is taking the lead in its most recent attempt in the cryptocurrency market

  • The cryptocurrency market collapsed in the past 24 hours, shedding more than $ 100 billion in market cap.
  • DeFi tokens have stayed strong and even managed to bounce back despite the recent sell-off.

A number of DeFi tokens outperformed Bitcoin and Ethereum in the past week. Uniswap is up 6% in the last 24 hours and has been trading in a massive upward trend since November 4th, 2020.

Although Synthetix saw a significant 8% decline today, the digital asset has increased more than 550% since November 2020. Similarly, Aave has also been on an uptrend since November.

Synthetix Bull Run has solid numbers behind it

SNX’s price hike wasn’t just an accidental pump. The number of new addresses has increased significantly over the past month, suggesting that many new investors have joined the network.

SNX new addresses

On the daily chart, the SNX price has been able to climb steadily above the 12-EMA, which served as a robust support level during the rally. The SNX has just hit its all-time high at $ 16.5, which means it will meet virtually no resistance above it.

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SNX / USD daily chart

However, a loss of the 12 EMA level would be remarkable and a bearish sign that could push the SNX down to $ 10 in the medium term.

The Aave price doesn’t seem to have a limit

Much like SNX, Aave is trading in a robust uptrend and has just hit a new all-time high at $ 163.7. The digital asset is currently in pricing mode and faces very little resistance over the long term.

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Distribution of AAVE holders

Surprisingly, the number of whales holding between 100,000 and 1,000,000 coins ($ 16,000,000 and $ 160,000,000) has increased by four in the past five days, despite making new all-time highs, suggesting large ones Owners expect an even higher surge from AAVE.

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AAVE sell signals

However, the TD Sequential indicator sent a sell signal on the 4-hour and 9-hour charts as well as on the weekly chart last week. While the call appears to be devalued on the weekly chart, there is still time for confirmation that could push the AAVE price down to $ 100.

Uniswap whales continue to accumulate

Although the UNI price hit a new all-time high of $ 7.4, whales have continued to amass the digital asset. According to Santiment, the number of large owners with at least 100,000 and less than 1,000,000 coins rose by 13 in the past month. Similarly, larger whales with at least 1,000,000 and up to 10,000,000 coins joined the network, up by three in the last month.

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Distribution of UNI holders

This clearly shows that large investors are very interested in Uniswap even at these prices. In addition, the number of UNI-Coins within the exchanges has continued to decline since January 1, 20201.

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UNI offer on exchanges

Despite the sharp rise in the price of Uniswap, the number of coins within the exchanges fell from 7% of the offer to 6.83%. While this doesn’t seem like a huge difference, it suggests that investors may not want to sell the digital asset just yet.

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