The 29-year-old goalkeeper's new deal will expire in 2019, and he believes that it is the relationship he enjoys with the club's supporters which has allowed him to find his best form.
"My first contract was for four years and I knew that, if I did well, I could get a renewal," Alves told the club's official website. "I think it comes from the three years I've had here, the fans have always been really good with me and they've supported me. That has helped me adapt.
"I feel very happy here and from there, that makes everything easier for me."
Alves joined Valencia from Almeria in the summer of 2011.