Since April, Aptos [APT] has been on a consistent downtrend, following a descending pattern since May. The APT/USDT pair has interacted with this downward trendline four times on the daily chart, facing rejection with each touch.
However, during the fourth interaction, the price did not dip to a lower low, hinting at a possible weakening of the bearish momentum.
Moreover, a head and shoulders formation has emerged, a typical indicator of potential price reversals if the neckline is breached and sustained above.
To establish $4.30 as the support level for the current cycle, Aptos needs to break and hold above $7.50.
A successful breach could pave the way for a likely surge towards or even beyond $10 by the end of the year or early 2025, as indicated by various metrics.
Aptos Embracement and TVL Insights
Key measures showcase an uptick in Aptos adoption. The Total Value Locked (TVL) in Aptos presently stands at $439 million, placing it 18th globally and 6th among non-EVM networks.
Despite launching its mainnet just last year, Aptos has swiftly climbed the TVL rankings, demonstrating a robust market entry.
TVL has shown resilience amidst price fluctuations, suggesting healthy asset circulation and growing trust within the ecosystem.
In addition, the stablecoin market cap on Aptos has expanded, reinforcing the narrative of increasing adoption and confidence.
Regular Active Users and Transactions
Aptos exhibits consistent growth among layer-1 blockchains. Active users have steadily risen over the past 18 months, surpassing 200,000 on a daily basis.
This notable figure positions it 13th across all blockchains, including both layer-1 and layer-2 networks. The Aptos Explorer records an average of 1 million user transactions per day.
Although interpreting transaction data can be intricate, the substantial daily active user count supports the network’s substantial engagement levels.
Transaction Promptness and Scalability
Aptos excels in transaction speed, averaging around 25 transactions per second (TPS) with peaks hitting 12,000 TPS in the last month.
The network has proven its scalability with record-breaking transaction volumes. In May, it processed nearly 100 million transactions in a single day.
Over a four-day period, Aptos managed 325 million transactions, sustaining over 2,000 TPS for more than 24 hours, peaking at close to 5,000 TPS.
These achievements underscore Aptos’s ability to efficiently handle substantial transaction loads.
Aptos exhibits promise for upward price movements, backed by adoption metrics, an active user cohort, and impressive scalability.
With price nearing critical resistance levels and heightened adoption, APT could witness substantial upward momentum, making it an appealing prospect for potential investors in the coming period.