Aptos is on a strong uptrend after the recent market crash! Where will APT prices go next?
Many major altcoins have hit monthly lows following the $600 million cryptocurrency market crash. However, the market rebounded amid skepticism over Matrixport’s report and the SEC’s recent discussions with stock exchanges about launching an ETF. As a result, Aptos recovered significantly, fully regaining its pre-crash value.
Aptos leads the way with big gains.
Aptos experienced a strong rebound after strong buying interest emerged near the low of $8.8, pushing the price to $11. This upward move resulted in significant losses for sellers, with total liquidations close to $600,000, according to Coinglass data. Notably, short positions accounted for approximately $480,000 of these liquidations.
Aptos not only recovered from the recent market crash but also outshine other major altcoins. This remarkable performance can be attributed to notable surges within the ecosystem. The blockchain has seen a surge in activity suggesting growing demand for APT tokens.
Data from Aptos Explorer shows a 16% increase in user transactions. This jump from 494K to 575K between January 1 and today highlights the growing engagement within the Aptos community. Additionally, the number of monthly active accounts on the Aptos blockchain increased by 19% from 880,000 to over 1.04 million. This increase demonstrates blockchain’s ability to attract and retain a larger user base.
These developments have had a direct and positive impact on the APT token price. The surge in user transactions and active accounts increases confidence and buying pressure in the market, causing the value of APT to surge further.
According to data from Defillama, Aptos’ total value locked (TVL) has increased significantly, showing exponential growth in recent months. Since November, TVL has been trending upward, nearly doubling from $60 million to over $122 million. This increase in TVL further fuels the continued recovery of APT tokens.
What’s next for APT pricing?
Aptos price rebounded from the strong support level of $8.5 and buyers aggressively pushed the price above the resistance level to get to the $10 level. However, the bears are protecting against further upside from this level. As of this writing, APT is trading at $10.7, up more than 19.1% from yesterday.
Traders may see a correction near the $11 level as RSI levels have surged exponentially from the midline and are currently trading near overbought territory. If APT price reverses from the current level and falls below the immediate Fib level, it may consolidate around the EMA20 trendline.
However, the bulls are aiming to sustain the current rally. If the price holds within the resistance area of $11-$14, APT price is expected to surge to $20. However, this could result in a strong bearish dominance.