- Aptos has defied the aftermath of a $600 million crypto market crash, not only recovering its pre-crash value but outshining other leading altcoins.
- The surge is attributed to a substantial increase in user transactions, active accounts, and Total Value Locked, indicating a growing confidence and demand for the APT token in the crypto market.
Aptos’ Recovery and Projected Trajectory
In the aftermath of a staggering $600 million crypto market crash, Aptos emerged as a standout performer, defying the odds to reclaim its pre-crash value. While other leading altcoins struggled to regain footing, Aptos not only recovered but outshined its counterparts, showcasing a resilience that has captivated the crypto community.
Aptos Leads With Big Gains
Aptos witnessed a formidable rebound, spearheaded by strong buying interest that materialized around the $8.8 low, propelling its price to an impressive $11. This upward trajectory dealt substantial losses to sellers, with Coinglass data revealing liquidations nearing $600K, the majority stemming from short positions.
Aptos not only weathered the storm but demonstrated exceptional strength within its ecosystem, evidenced by a surge in blockchain activity. Data from Aptos Explorer unveiled a remarkable 16% increase in user transactions, surging from 494K to 575K between January 1 and today. Concurrently, the number of monthly active accounts skyrocketed by 19%, climbing from 880K to over 1.04 million.
Positive Impact on APT Token
These developments had a direct and positive impact on the APT token’s price. The surge in user transactions and active accounts instilled confidence and buying pressure in the market, propelling the value of APT to new heights.
DefiLlama’s data mirrored this upward trend, showcasing a substantial increase in the Total Value Locked (TVL) of Aptos. Since November, TVL has nearly doubled, climbing from $60 million to surpass an impressive $122 million, further fueling the ongoing recovery of the APT token.
What’s Next For APT Price?
The rebound from the strong support level at $8.5 saw buyers aggressively pushing the price above resistance levels, surpassing the $10 mark. However, bears are staunchly defending against further surges from this level. As of the latest update, APT price trades at $10.7, reflecting a notable 19.1% surge from yesterday’s rate.
The Relative Strength Index (RSI) level’s exponential surge, nearing the overbought region, suggests a potential correction around the $11 level. Traders are keenly observing if the APT price reverses and consolidates around the EMA20 trend line.
Bulls, however, remain optimistic, aiming to sustain the current rally. Should they successfully hold the price within the $11-$14 resistance zone, a surge towards $20 is anticipated, albeit with potential strong bearish dominance.
In a crypto landscape recovering from a significant market downturn, Aptos stands as a beacon of strength and resilience, with its trajectory poised to captivate the attention of investors and enthusiasts alike.
