In November, the Aptos Network [APT] experienced a significant surge in network activity, while many other leading blockchains either slowed down or saw a decrease in performance.
Unlike its counterparts, Aptos maintained its momentum throughout the last four weeks, reaching new all-time highs as evidence of its sustained growth.
On December 1st, the total value locked in the network skyrocketed to a historic high of $1.203 billion, with the stablecoin marketcap also hitting a record-breaking figure of $311.45 million.
These new milestones highlight the increasing network activity that has been steadily growing in the latter half of 2024. Notably, Aptos’ TVL saw a remarkable increase of over $400 million in November alone.
Furthermore, there was a substantial recovery of nearly $1 billion from the network’s lowest TVL level in July, which stood at approximately $309.63 million, marking a significant improvement.
While these performance metrics showcase the network’s strength, they also raise questions about the future trajectory of APT.
Will APT Break Through November’s Resistance Levels?
After a promising start in November, Aptos’ native cryptocurrency APT encountered resistance in the middle of the month, leading to a period of sideways movement, particularly in the $13 price range.
Despite the challenges, APT is currently trading at $13.55 and is showing signs of attempting to breach the established resistance zone.
With APT’s RSI and MFI trending upwards above the 50% mark, indications suggest a growing bullish momentum. The recent highs in Aptos TVL and stablecoin marketcap could potentially bolster investor confidence.
This scenario might pave the way for a bullish continuation well into the initial days of December.
Additionally, a surge in open interest to $326.09 million indicates a growing momentum in the derivatives segment, although it is lower than the peak of $359.26 million observed at the beginning of November.
The mounting open interest suggests increasing interest from traders in the market.
Adhering to the adage that open interest can go either way, funding rates have provided additional insight into the potential direction of Aptos.
Notably, positive funding rates on major exchanges for Aptos imply a favorable environment for a potential bullish breakout during the upcoming week.