Aave price aims for $100 as the network reaches $1 million in generated income

Aave price seems to be reacting positively to the significant income increase generated by the platform, as well as the record of flash loans. Bulls are eying up the $100 psychological level as the next price target.

Aave price only faces one major hurdle before $100

On the 4-hour chart, Aave price is bounded inside an ascending parallel channel facing only one primary resistance level, the upper boundary of the pattern at $88. A breakout above this point would quickly drive AAVE towards $100.

AAVE/USD 4-hour chart

According to Aave's official announcement, the platform has generated around $1 million in income from a record of $162 million flash loans in the past week. The total volume of flash loans is now higher than $1 billion for the first time ever.

AAVE New Addresses chart

However, it looks like the number of new addresses joining the network has declined significantly in the past week by around 17%. This metric would suggest that new investors aren't too interested in the digital asset despite its growth. 

Rejection from the upper trendline of the ascending parallel channel can push Aave price towards the lower boundary at $77. A breakdown from this point would drive the digital asset towards $70.