- Aptos surged 12% driven by increased staking and DeFi growth.
- TVL in Aptos’ DeFi ecosystem hit an all-time high of $920M.
In a market increasingly dominated by bearish sentiment, Aptos (APT) stands out with an impressive performance, soaring 12% in the past 24 hours to reach a current price of $11.05. This surge comes despite the overall cryptocurrency market facing a 2% decline, driven largely by a significant downturn in major altcoins like Ethereum (ETH), which fell by 3%.
The catalyst behind Aptos’ rally is the launch of a $1.5 million staking reward pool on the MEXC exchange, which has sparked a notable increase in staking activity. Investors can earn rewards of up to 20% APR by locking their tokens for 30 days, creating a compelling incentive that has led to a dramatic uptick in demand.
Furthermore, the Total Value Locked (TVL) in Aptos’ DeFi ecosystem has reached an all-time high of $920 million, indicating robust growth and adoption within the platform.
Meanwhile, Analysts observe that the recent price action has propelled APT above crucial resistance levels, confirming a bullish trend that could see prices reach as high as $19, based on technical indicators and market sentiment. The latest price surge represents a remarkable recovery from a recent low of $9.61 just last week, showcasing the resilience of Aptos amid broader market challenges.
What Will Be APT’s Next Move?
Key technical indicators also support the positive outlook for APT. The Moving Average Convergence Divergence (MACD) has formed a Golden Cross pattern, signaling potential upward momentum. Additionally, the Relative Strength Index (RSI) indicates that the asset remains in bullish territory, reflecting strong investor interest.
Despite the promising upward trajectory, there are potential risks. APT may retest the $9.00 support level before continuing its ascent, and should the price fall below this threshold, a drop to $7.45 could ensue, which would challenge the current bullish thesis.
As the broader cryptocurrency market experiences fluctuations, Aptos appears to be capitalizing on its unique strengths.
