Aave's on-chain activity has hit an all-time high, with weekly revenue surpassing $3 million and total value locked reaching $56 billion. However, there's an awkward phenomenon—the token price is still languishing at the bottom, down 66% from its 2021 peak and 39% lower than last December.

This recent growth is mainly due to a rebound in borrowing demand and a decrease in airdrop farming activities, making the overall ecosystem much healthier. AAVE is currently hovering around $221, with 24-hour trading volume surging 72% to $470 million, sending positive signals to the market.

From a technical perspective, the weekly chart shows a small rebound from around $210, with the lower Bollinger Band approaching the oversold area and the RSI at 43.88 (slightly bearish but not extreme). Key support levels are at $205-$210 and $150-$160, with a long-term bottom at $80-$120.

In the short term, if $205 holds, there could be a rebound to $250-$280. But the real turning points are the resistance levels at $280 and $355-$360—only a breakout above these can confirm an uptrend. For now, it’s still fluctuating within the $160-$355 range.

In short, Aave's fundamentals are solid, but the token price hasn't caught up yet. Either wait for market sentiment to pick up, or for major coins to drive momentum.