Aptos [APT] is gaining traction in the cryptocurrency market, witnessing notable on-chain activity that has drawn the interest of both investors and analysts.
Currently, APT is being traded at $8.85, demonstrating a 4.72% uptick in the past 24 hours.
These optimistic signals prompt the question: Can Aptos maintain its current momentum and propel its price to new highs?
The network activity of APT is experiencing a surge, with transaction speeds peaking at 1,051 transactions per second (TPS), a record high. This surge is pivotal as faster transaction speeds and improved network efficiency typically allure more users and investors.
Furthermore, the number of daily active accounts (DAA) reached a new peak of 3.75 million on October 3rd.
Consequently, the expanding user base of Aptos implies a growing trust in its ecosystem, potentially leading to sustained price appreciation.
Social Dominance of Aptos: What Does it Portend?
Nevertheless, network growth alone does not offer a comprehensive outlook. APT’s social dominance currently stands at 0.47%, indicating a rise in discussions related to the project.
Historically, an uptick in social dominance has often foreshadowed price spikes, as more investors and traders start paying attention.
Hence, the ongoing increase in social engagement might signify a positive change in market sentiment, enhancing APT’s visibility and price activity.
Surge in Aptos Trading Volume: Will it Continue to Support Price Upswing?
Alongside the network’s expansion, APT has witnessed a substantial 106.53% surge in trading volume, reaching $1.57 billion. This surge implies heightened interest from traders, potentially translating into further bullish price movements.
Furthermore, the surge in volume indicates that Aptos is not just a topic of discussion but actively traded, a strong indication of increasing market confidence.
Open Interest: Is More Buying Pressure Anticipated?
Moreover, the open interest in APT futures contracts has spiked by 14.27%, now standing at $183.26 million. This uptrend in open interest typically suggests that more traders are taking long positions, speculating on Aptos’ future price rise.
Consequently, this increase could hint at mounting buying pressure, potentially propelling the price upwards.
Given the upsurge in network activity, rising social dominance, increased trading volume, and escalating open interest, Aptos seems well-positioned for sustained growth.
Therefore, the confluence of these factors indicates that Aptos might maintain its bullish momentum and edge towards higher price levels in the near future.