• AAVE price reached highs of $173 on Monday, its highest degree since April 2022.
• TVL has additionally recovered because the decentralised finance protocol witnessed bullish sentiment.

DeFi protocol Aave (AAVE) has seen the price of its native token surge to highs final seen in April 2022.

The surge to above $173 represents Aave’s highest price degree because the coin traded at round $176 on April 28, 2022.

For AAVE, it was a pointy downturn after bulls reached the all-time excessive above $670 in Could 2021, earlier than a large accumulation section for almost two and half years.

Aave now seems to be poised above the horizontal line that has constrained consumers for this lengthy.

A part of this restoration comes because the broader crypto market eyes an upward run, led by Bitcoin’s flip above $60k and the rally that features retesting of bear resolve above $64,800. In line with CoinGecko knowledge, AAVE/USD has jumped greater than 172% previously yr, together with an uptick of over 23% previously week.

These features have come as AAVE’s complete worth locked recovered because the decline to $5.7 billion in January 2023. In a yr the place the decentralised finance market has benefited from an general restoration amid better lending and borrowing, DeFiLlama exhibits Aave’s TVL has touched $22.1 billion.

A lot of the worth is on Aave V3, which has seen a whole lot of key integrations throughout the market. Whole TVL for the community stood round $20.5 billion.