Aptos’ [APT] performance over the past month displayed a respectable gain of 26.58%, hinting at a growing momentum in the market.
With a recent 5.42% surge in the last 24 hours, it seems like the start of a sustained rally fueled by positive market sentiment and increasing optimism.
Insights from CryptoCrypto have shed light on the driving factors behind this trend, indicating that APT’s current path could potentially lead to significant profits.
Setting a New Record: APT TVL Hits $1.097 Billion
Fresh statistics from DeFiLlama have unveiled that APT’s Total Value Locked (TVL) has achieved an unprecedented high of $1.097 billion, showcasing a strengthening market and investor trust in the asset.
For those unfamiliar, TVL represents the total funds locked within a platform or protocol, generally in digital currency, serving as a crucial gauge of liquidity and platform adoption.
APT’s groundbreaking TVL mirrors a strong bullish sentiment often linked with increased liquidity and heightened trading interest.
This upsurge not only cements APT’s allure in the market but also hints at potential price escalation as demand surges.
Liquidity Boost Driven by Bullish Sentiment
Recent data from Coinglass has highlighted a significant rise in liquidity influx into APT, driven by intensified activity within the derivatives market.
The Funding Rate, which tracks payments amid long and short positions, has climbed to an annual peak of 0.0450%, illustrating a robust bullish sentiment among traders.
At the moment, the Funding Rate indicates a market dominantly led by long traders, sustaining the upward trend.
Open Interest has also shown a noteworthy surge, escalating by 1.73% to reach $279.77 million, indicating an increasing participation and optimistic outlook on APT’s potential rally.
The positive correlation between a favorable Funding Rate and high Open Interest underscores the market’s faith in the asset’s bullish trajectory.
Aiming for $24: APT’s Bullish Momentum
With the market gearing up for a potential rally, APT is displaying strong technical indicators. The asset is currently forming a cup and handle pattern, typically associated with significant price upticks.
Should this pattern materialize as anticipated, APT might witness a notable 69.79% surge, driving its price towards the $24 milestone—a key level last seen during its initial launch week in October 2022.