Aave falls 11.2% after hitting $101.57

• Aave fell 11.2% within 48 hours after reaching US$101.57 on 31 July.
• Open interest dropped 5% in 24 hours as spot and derivatives data indicated increased selling activity.
• AMBCrypto identified US$88 as key support, while its analysis pointed to US$83 and US$72 if that level fails.

Aave (CRYPTO) fell 11.2% within 48 hours after reaching US$101.57 on 31 July, reversing its move above US$100.

AAVE had traded mainly between US$88 and US$100 during July before briefly breaking above the upper end of that range.

Open interest fell 5% in 24 hours, while spot cumulative volume delta showed increased selling activity, according to Coinalyze data.

AMBCrypto identified US$88 as key support and pointed to US$83 and US$72 as possible levels if selling continues.

Funding rates moved from negative towards positive territory, while AMBCrypto said stronger buying would be needed to challenge US$100 again.

Aave founder Stani Kulechov recently said the protocol plans to remove 50 reserve assets with low adoption.

The protocol also plans to wind down deployments across six blockchain networks as part of efforts to simplify its operations.

At the time of reporting, Aave price was $91.75.