AERO crypto price continued its strong bull run, reaching its highest level since January as Aerodrome Finance’s revenue jumped and whale and smart money accumulation continued.
Summary
- Aerodrome Finance token soared amid whale and smart money buying.
- Its DEX volume and market share has continued to grow this month.
- Technical analysis signals more gains to $2 possible.
Aerodrome Finance (AERO) jumped to a high of $1.4852, up by over 450% from its lowest point this year. The surge coincided with a big increase in volume, with the 24-hour figure soaring to $172 million.
Aerodrome Finance volume and revenue gains
AERO price rose as third-party data showed that its network was performing well. DeFi Llama data shows that Aerodrome processed transactions worth over $1.122 billion in the last 24 hours, making it the fourth-biggest player in the decentralized exchange industry after Uniswap, PancakeSwap, and HumidiFi.
Aerodrome’s volume will likely continue rising after it is incorporated in Coinbase’s platform, which is used by millions of users globally.
The rising volume has led to higher network revenue. TokenTerminal data shows that monthly revenue jumped by 26% to $15.1 million, a trend that may continue this year.
AERO crypto price also jumped as whale accumulation continued. Nansen data shows that whales now hold 13.27 million tokens, a 1.5% monthly increase. Similarly, smart money investors have increased their holdings by 22% in the last 30 days to over 16.34 million.
Smart money accumulation is a bullish factor because these investors often buy low and sell high. More data shows that millions of tokens have exited exchanges in the past few months. There are now 1.3 billion tokens on exchanges, down from 1.33 billion on July 17.
Falling exchange balances are a sign that investors are accumulating and not selling the token. In most cases, a surge in exchange inflows happens when investors are preparing to sell their tokens.
AERO crypto price technical analysis
The daily chart shows that AERO has been in a strong bull run over the past few months, rising from a low of $0.2900 in April to $1.4880.
It has already moved above and retested the upper side of the ascending channel at $1.1123, confirming a bullish breakout.
Aerodrome has soared above the 50-day and 200-day moving averages, which formed a golden cross pattern in July. Therefore, the most likely AERO price forecast is continued upside as bulls target the key resistance level at $2, which is 45% above the current level.
