Aptos (APT), the layer-1 blockchain platform, has been making a name for itself with impressive network activity and strategic partnerships. But the burning question for many investors is: when will APT break above $15? Let's delve into the current state of Aptos, including technical analysis and price predictions, to shed some light on this question.
Network Activity on the Rise: On May 25, 2024, Aptos shattered records, surpassing Solana with a jaw-dropping 115.4 million transactions in a single day (Aptoscan). This surge is attributed to the launch of Tapos Cat, a new application built on the Aptos blockchain.
Integration with Chainlink: Aptos is actively fostering collaboration within the blockchain ecosystem. At Consensus 2024 on May 30, 2024, they announced the integration of Chainlink's CCIP (Cross-Chain Interoperability Protocol) and data feeds. This move, aligning with Aptos joining Chainlink's SCALE program, aims to empower developers building decentralized applications (dApps) on the Aptos network.
Upcoming Token Unlock Event: A significant token unlock event for Aptos is scheduled for June 12, 2024. This event will release 11.1 million APT tokens, with an estimated value of $102.6 million USD based on the current market price. The allocation of these tokens will be divided between the Aptos Foundation, the Aptos Community, and investors.
Technical Analysis (as of June 5, 2024):
Current Price: $8.88 USD
Support Levels:
Strong Support: $7.64 USD
Intermediate Support: $6.50 USD (based on recent price movements)
Resistance Levels:
Strong Resistance: $8.66 USD (previous resistance level)
Intermediate Resistance: $10.00 USD (psychological barrier)
Moving Averages:
The 50-day moving average (MA) is currently around $9.20 USD. Reclaiming this level as support could be a bullish sign.
The 200-day MA sits significantly lower, at around $6.00 USD. Falling below this level would be a strong bearish indicator.
Price Prediction:
Short-Term: If APT can overcome the immediate resistance of $8.66 USD with good volume, it could reach the $10.00 USD mark in the near future. However, the upcoming token unlock event on June 12th might introduce downward pressure.
Mid-Term: If APT can establish support above $8.66 USD and maintain positive network activity, a climb towards $15.00 USD by the end of 2024 becomes a possibility.
Looking Forward: Aptos' impressive network growth, strategic partnerships, and upcoming token unlock event paint an intriguing picture. While the path to $15.00 USD may have challenges, Aptos has the potential to reach this mark if it can maintain its momentum and overcome key technical hurdles. $APT #Write2Earn