This supply zone is quickly becoming a bottleneck for AAVE

ambcrypto.com:

One of the largest lending protocols in the market, the Aave protocol had $9.9 billion in TVL and its native coin had a market capitalization of $2 billion. On the charts, the token has been on a downtrend since mid-September. In early February, the coin gained some bullish momentum and demand which appeared likely to push to coin to the $205 resistance level.

However, sellers were quite strong at the $190 level. In the next few weeks, a move toward $200 could materialize, and would likely be a selling opportunity.

Source: AAVE/USDT on TradingView

The trendline resistance (blue) has seen AAVE form a series of lower highs (the insane candlewick to $460 in October being disregarded as a possible fat finger event). At the time of writing, the longer-term market structure remained bearish. The lows set in early January (dashed green) were retested as resistance recently. The $205 horizontal resistance was not even tested on the recent rally.

This indicated that the market, on the longer timeframes, was more ready to sell than to buy. Therefore, the $205 area and the trendline resistance offer places where AAVE can be sold, if it reached there. Hence, $190, $205, and $240 were levels where bears can be expected to have heavy sell orders at.

Source: AAVE/USDT on TradingView

On the 12-hour chart, the RSI tried and failed to climb above the neutral 50 mark in recent days. It showed a value of 39 at the time of writing, to highlight the recent downward momentum.

The MACD formed a higher high in the past month, even though the price formed a lower high in the same time period, from $242 to $190. The indicator was also unable to climb convincingly past the zero line.

The CDV showed that buying volume has generally outweighed the selling