Aave’s (AAVE) price has surged by nearly 30% in the 14-day charts, according to CoinGecko data. The asset is also up by 14.2% in the last 24 hours and 11.7% in the weekly charts. AAVE’s trend-defying rally comes after Standard Chartered’s prediction that the asset will hit the $3,500 mark by the end of 2030. Let’s discuss if the current upswing can survive the bearish market environment.
Will Aave Continue Its Price Rally Following Standard Chartered’s Prediction?
Aave’s (AAVE) price rally comes amid a market-wide correction. Bitcoin (BTC) briefly fell to the $59,000 level, but has since reclaimed the $61,000 mark. The crypto market correction follows a global trend. The stock market, especially tech stocks, registered big losses this week.
While AAVE’s rally is commendable, it hinges on Standard Chartered’s latest outlook on the project. The financial institution anticipates the asset to hit $180 by the end of this year. The bank predicts AAVE will climb to $600, $1,200 and $2,200 in the next three years, before hitting the $3,500 target. Standard Chartered had previously stated that it expects $4 trillion in tokenized assets by the end of 2028. This capital is likely expected to trickle into AAVE as well.
While Standard Chartered’s outlook for Aave (AAVE) is very bullish, the current market environment may lead to a price correction. Inflation in the US remains high and the Federal Reserve is expected to raise interest rates later this year. Higher rates may lead to an exodus of capital from the high-risk crypto market. AAVE may dip under such pressure.
Also Read: Avalanche Beats Larger Crypto Market After FIFA Collab
Aave (AAVE) hit an all-time high of $661.69 in May 2021, more than five years ago. The asset has struggled to regain its 2021 momentum in the last five years. AAVE may see some positive price action as tokenized assets become more mainstream.
