Is there a Chance for Aptos to Recreate Historical 76% Surge as APT Approaches Vital Support Area?
Despite some indications of recovery, Aptos [APT] has faced challenges in the near term. Currently, the token has experienced a 6.27% decline in the last 24 hours, mirroring the broader market’s downturn.
Over longer timeframes, APT’s performance has been under strain, with a 27.20% decrease in the past month and a 7.23% drop over the last week.
Nevertheless, specific market indicators hint at a potential revival in APT’s upward movement, backed by positive correlations in the market and a rise in network activity.
Noteworthy Surge in Key Metrics for APT
Recent data from Artemis indicates a significant increase in crucial metrics for APT, which could shape its price trajectory in the upcoming days.
The data suggests a notable surge in the number of active addresses on the Aptos blockchain, reaching 1.2 million, showcasing heightened network engagement.
Furthermore, the daily transaction volume has seen a significant uptick, with 4.5 million transactions processed within 24 hours, indicative of increased market participation.
While these metrics alone do not provide a definitive indication of APT’s price movement, further examination of derivative and spot trading patterns suggests the potential for a price rebound.
Positive Buying Activity from Spot and Derivative Traders
Spot and derivative market participants are displaying heightened buying actions, signaling a shift in sentiment towards APT.
At present, APT outflows from exchanges have notably increased. Over the last seven days, the Total Exchange Netflow for APT totaled $15.05 million, a substantial rise compared to the previous week’s $2.59 million.
The surge in outflows, denoted by a negative netflow, indicates significant asset movement out of exchanges, suggesting traders are transferring holdings to private wallets for long-term retention, a move commonly associated with bullish price movements.
Derivative market players are also contributing to the buying impetus. The funding rate, a crucial metric reflecting trader sentiment, has shown a consistent uptrend over the past eight hours.
based on Coinglass data, APT’s current funding rate stands at 0.0081%, indicating a dominance of long positions in the market. This positive funding rate suggests that long traders are willing to pay a premium, showcasing their optimistic outlook on the asset’s potential for appreciation.
Potential Upsurge towards $15 Anticipated
Chart analysis reveals that the actions of spot and derivative traders align with a crucial support zone ranging from $7.69 to $8.64.
Historically, this zone has acted as a trigger for upward movements on four separate occasions, indicating the likelihood of a similar response this time.
Should this support zone stimulate another rally, APT could potentially soar by 76.17%, reaching around $15.33. However, failure to promptly react to this level might result in a consolidation within the support zone before a possible breakout to the upside.
With the current bullish indicators persisting, APT appears well-positioned for a substantial upward move in the market.