Open the market for AAVE, and the recent fall has indeed been frustrating. The price has been cut in half from its peak, and the Candlestick Chart is plummeting like free fall. The core question facing everyone right now is: where will this round of decline stop?

First, let's look at the pitfalls of the fundamentals. AAVE has recently been troubled by issues—internal DAO and development teams have been arguing non-stop over fund allocation, and market confidence in its governance mechanism has plummeted. At the same time, the external environment hasn't been any better, with Bitcoin leading the decline and dragging the entire sector down. To make matters worse, a large whale suddenly dumped a position of $38 million in AAVE a while ago, causing the price to drop by 10% in a single day; this selling pressure directly shattered the market's psychological defense line.

From a technical perspective, the four-hour chart says it all. The downtrend is still continuing, and the MACD has formed a death cross below the zero axis, indicating that bearish momentum is far from being exhausted. The market is currently focused on the 154 level—it's the recent key support, and the battle between bulls and bears here will be intense. If it breaks down, the defensive line will have to retreat to 118, and further down even to 74. However, it is worth noting that both the RSI and MFI have entered the oversold range, which often suggests that the market's panic may have been excessive.

Thinking from a different angle, every time the market has a consistent bearish outlook, it is often when the turning point is most likely to occur. AAVE has indeed accumulated bad news during this wave, but a decline of over 50% within more than half a month has already fully digested a large amount of pessimistic expectations. Short-term fluctuations are inevitable, but in the medium to long term, the recovery of these DeFi leaders requires time to observe.