AAVE shows signs of reversal and key resistance level: Can it pump further in the future?

The open interest of AAVE is an important indicator, reflecting the total value of all open derivative contracts of the asset. According to Coinglass, this figure has recently surged by 23.76% to a strong level of 2.9079 billion US dollars. This sharp increase indicates that a significant number of traders are entering or repositioning in the market, which typically heralds larger price fluctuations.
The increase in open positions usually indicates an expected market volatility. With the increase of long and short positions, traders seem to be preparing for potential price fluctuations, which may benefit active participants in this trading environment.
The current price trend indicates that AAVE is breaking through the key resistance level after a significant rebound. The asset is approaching the resistance level near $270, which is crucial for further pump.