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Aave is trading below the $100 mark after pulling back from intraday highs, as investment firm Multicoin Capital appears to be reducing its exposure. Could the firm’s move, after deeper-than-expected losses, add fresh near-term selling pressure to the token? The decentralized finance giant’s native token recently slipped below $90 amid lingering security and liquidity concerns. Is Multicoin dumping 150,000 AAVE? On-chain data shows that Multicoin transferred 150,000 AAVE, worth roughly $14.92 million at current prices, to Galaxy Digital’s OTC wallet and BitGo early Friday. The transactions are widely viewed as potential selling activity. Blockchain analytics platform Lookonchain flagged the transfers, which came as AAVE tested the key $100 level. Notably, Multicoin had previously accumulated 338,005 AAVE at a total cost of $73.7 million, implying an average entry price of around $218. At the time of the transfers to Galaxy Digital OTC and BitGo, that position was sitting on unrealized losses of more than $40 million. With an average entry near $218 and a possible partial exit around $100, the drawdown would amount to more than 50%. AAVE price outlook Despite the sizeable transfer, Multicoin has not fully exited the trade. On-chain balances suggest the firm still holds roughly 188,000 AAVE. At the same time, using OTC desks and custodial platforms like BitGo can help limit immediate spot-market disruption. However, traders caution that continued offloading could still weigh on price action. Market participants are also monitoring AAVE perpetual futures funding rates. Sustained negative funding would point to growing short-side pressure and could signal additional weakness before it fully appears in spot markets. AAVE has faced renewed downside pressure following the Kelp DAO exploit and the broader contagion effects that rattled liquidity across DeFi. Even so, the token has shown some resilience, supported in part by community-led recovery efforts. Over the past month, AAVE has largely held above the $90 level, helping stabilize price action after its sharp decline from above $120. From a technical perspective, AAVE is hovering near the midpoint of a long-term descending channel, a level currently acting as support. A decisive breakout above this structure could open the door for a fresh upward leg, while a breakdown would strengthen the bearish case. In the near term, the key support zone remains between $86 and $90 — an area that has repeatedly acted as a demand zone. AAVE price chart by TradingView On the upside, immediate resistance is likely to emerge in the $110-$120 range, where profit-taking could intensify if bullish momentum begins to fade. That said, a high-volume breakout through this zone would likely accelerate the recovery. Whether AAVE can deliver a decisive breakout or remains trapped below $100 may ultimately depend on broader market conditions. For now, risk appetite across the crypto market remains subdued. Bitcoin and major altcoins continue to trade choppily amid persistent macroeconomic and geopolitical uncertainty. At the same time, whale activity and the broader DeFi outlook could either undermine or reinforce investor confidence. At the time of writing, AAVE was trading near $97. The post AAVE drops below $100 after Multicoin’s massive token transfer stirs fears appeared first on Invezz