Assessing Aptos’(APT) potential 75% rebound; how and why it could happen
invezz.com 16 September 2024 09:02, UTC Aptos (APT) flashes recovery signs after swaying within a plunging trendline over the past four months (since May).
Bullish on-chain data and technical analysis point to a possible 72.41% increase from current prices, taking the altcoin’s price to $10.
The bullish trajectory emerges as APT displayed resilience over the past 30 days, losing 1.80% while established altcoins Solana and Ethereum plunged 7% and 11% on their monthly charts.
Meanwhile, APT should confirm $4.30 as a reliable support barrier by breaking and staying beyond $7.50.
Aptos ready for a comeback
The daily chart shows APT touched the descending trendline’s resistance four times, encountering rejection on each attempt.
Nonetheless, the fourth retest indicated a weakening bearish influence, as the price didn’t hit a lower low. Moreover, APT has formed a head and shoulder setup, which signals potential price reversals.
A breakout of the pattern’s neckline could propel the altcoin to $10 – with support from other metrics.
On-chain data, including the surging stablecoin market capitalization on the Aptos blockchain, signals impressive adoption and rising confidence in the project.
The elevated total value locked (TVL) since early 2024 confirms such observations.
Aptos’ heightened user engagement
While most blockchain networks struggle to maintain stable user activity amid market volatility, Aptos demonstrates consistent growth.
The layer-1 platform has attracted significant user activity, with over 5.4 million active addresses monthly.
The massive participation shows Aptos’ increased acceptance in the market – which is vital for steady long-term growth.
Record-breaking transaction volume
Aptos has seen significant volumes, processing over 578 million user transfers monthly. The surged activity reflects the blockchain’s expanding ecosystem.
However, users should approach this metric cautiously, as Aptos has faced criticism over bot activities.
Speed and scalability
Aptos is among the most scalable blockchains, processing approximately 25 TPS (transaction per second). It averaged as high as over 12,000 TPS over the past month.
The record-breaking transaction volume and speed underscores the network’s scalability.
APT’s current price action
Aptos trades at $5.80 during this publication, following a 4.80% dip over the past day. The altcoin has displayed bearishness lately, but on-chain stats and technical analysis suggest a potential turnaround.
APT should keep the support floor at $4.30 to open the path towards $7.50.
Continued uptrends could propel the token to $10 by year-end, translating to an over 72% surge from current prices. Economic developments like the looming Fed rate cuts could bolster Aptos’ upswings.
APT has demonstrated resilience amid the latest volatility in the crypto market, and it could be among the top gainers in the next bull run.
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