AAVE, the native token of the crypto-lending protocol of the same name, was among the best performers in August. The cryptocurrency showed strength during retraces, displaying green numbers on most time frames after the recovery.

Its results have caught the attention of crypto analysts who believe the token could become a major narrative by the end of the year. As a result, crypto whales have taken notice of the token, accumulating millions of dollars of AAVE over the past month.

Whales continue their buying spree

AAVE has become one of the best-performing cryptocurrencies since August, rising almost 63.5% in the past 30 days. This performance has sparked renewed interest in the token, prompting whales to pile into it over the past two weeks.

Since August 20, the cryptocurrency lending protocol token has caught the attention of several whales. As reported by on-chain data analysis firm Lookonchain, huge investors have purchased around 170,382 tokens worth $22.27 million in the past two weeks.

One whale took advantage price drops and has accumulated over 120,000 AAVE since August 21. This whale used 4,000 stETH to buy 77,270 AAVE tokens two weeks ago. The purchase was valued at $10.4 million, with an average token price of $135.

On Wednesday morning, the same investor bought another 50,604 tokens, worth about $6.78 million. After the buying spree, the whale has 125,605 AAVE, worth $16.9 million, bought at an average price of $134.6.

AAVE reclaims $130 support zone

AAVE price fell more than 12% to $116 as Bitcoin fell below the $57,000 level Tuesday evening. However, the token quickly regained more than 16% of its price to trade above the $135 range.

The price recovery appears to be fueled by whale activity and recent reports of a Trump connection, some analysts noted. On Wednesday, reports suggested that Donald Trump’s crypto project, “World Liberty Financial,” will be a DeFi lending platform based on Aave and Ethereum.

Following the news, Altcoin Sherpa highlighted the token’s “good move,” adding that it is “without a doubt” one of the strongest cryptocurrencies on the market. Nevertheless, analysts suggested that AAVE could continue to hover around its current price range in the miniature term.

According to Nebraskangooner, the token has one of the “best looking monthly charts” but will still depend on the performance of the broader market. The analyst believes that AAVE price will likely fall if the market falls.

However, he believes it is worth keeping an eye on as it could be one of the best performing assets “if the market finds a good support level.” Cryptocurrency trader CrediBull also suggested that the token could reach $150 if Bitcoin and Ethereum rebound from their current levels.

At the time of writing, AAVE shares were trading at $130, down 1.2% over the last 24 hours.

Featured image from Unsplash.com, chart from TradingView.com