AERO price steady as smart money accumulates, Nansen data shows

The Aerodrome Finance token continued its strong rally, rising for eight consecutive days as trading volume increased and smart money investors entered the market.

Aerodrome (AERO) price rose to a high of $1.9446 on Dec. 6, its highest level since April 24.

According to DeFi Llama, the decentralized exchange network processed coins worth $7 billion in the past 30 days. Its 24-hour trading volume was $1.46 billion, while cumulative volume stands at $81.18 billion.

This volume positions Aerodrome as the leading DEX protocol on the Base Blockchain. Its weekly volume also surpasses the Base versions of Uniswap and PancakeSwap.

Aerodrome Finance has seen its total value locked increase in recent weeks amid rising cryptocurrency demand. The platform’s TVL currenly exceeds $1.64 billion, ranking it among the top players in decentralized finance

Data shows that the network is seeing strong fees too. In a post on Dec. 5, the developers said that its Slipstream product generated a record $950,000 in fees, a trend that may continue. 

AERO’s price gains are bolstered by data showing strong interest from smart money investors. According to Nansen, 45 smart money wallets hold the token, marking an all-time high. These investors collectively own nearly 14 million tokens valued at $26.6 million.

AERO is gaining traction due to the expanding Base Blockchain ecosystem. Meme coins on Base, such as Brett (BRETT) ,Keyboard Cat, Degen, and Toshi, have surged in popularity, with their combined market cap reaching $3.6 billion.

AERO price technical analysis

The daily chart shows that AERO has been on a strong upward trend in recent months. It broke above the significant blue trendline connecting the highest swings since July 18.

Moving above that level was an important one as it invalidated the rising wedge pattern that was forming. A wedge is a risky pattern formed when two trendlines are rising and converging. 

AERO remains above the 50-day and 25-day Exponential Moving Averages, indicating that bulls are in control. The Relative Strength Index has climbed to 71, suggesting continued momentum.

Therefore, the next point to watch will be at $2.3727, its highest level in March, which is about 25% above the current level. Conversely, a move below the 25 EMA level at $1.50 will invalidate the bullish view.