Aptos User Activity Increases by 115%, Price Rises to $10.88; Potential Rally to $19.37 Expected
The Aptos Network processed 5 million transactions last month, bringing the total value of DeFi to $909 million. If the rally continues, APT could reclaim its yearly peak, but profit taking could push the price down to $4.32.
In recent weeks, Aptos, a Layer 1 (L1) blockchain, has seen a significant increase in network activity. User activity on the Proof-of-Stake (PoS) network has reached monthly peaks, boosting the value of its native token, APT.
Technical data suggests that APT could extend its current gains. If demand continues, the altcoin could rally to $19.37. This analysis looks at why this is possible in the medium term.
Cryptocurrency Users Turn to Aptos
On-chain data shows an increase in user activity on Aptos over the past month. According to Artemis’ report, the number of unique addresses that have conducted at least one transaction in the past 30 days has increased by 115% to 743,466.
This increase in user activity on Aptos has led to a significant increase in the number of daily transactions. Over the past month, the network has processed over 5 million transactions, recording an impressive 373% growth in transaction volume. Aptos’ thriving decentralized finance (DeFi) sector has played a major role in this growth. Over the past 30 days, DeFi’s total value locked (TVL) has increased by 67%, reaching an all-time high of $909 million. According to DefiLlama data, Aptos is currently the 11th largest blockchain by TVL, with Sui right behind at $1.01 billion.
The increase in network activity has translated into notable price gains for APT. At the time of writing, the altcoin is trading at $10.88, just above the $10.07 support level. It has become the market’s top gainer, registering an 11% price increase over the past 24 hours.
Probability of a Long-Term Rally
BeInCrypto’s assessment of the coin’s key momentum indicators suggests the possibility of an extended rally. For example, APT’s Chaikin Money Flow (CMF) has risen with the price and is currently sitting above the zero line at 0.20. The CMF measures the flow of money into and out of an asset. If the CMF rises with the price, as in APT’s case, it means that the uptrend is supported by strong buying volume and the trend is likely to continue.
If this rise continues, Aptos’ price could revisit its yearly high of $19.37. From there, it could also rise towards the psychological resistance of $20. However, further profit-taking could invalidate this bullish forecast. In such a case, APT’s price could fall to its August 5 low of $4.32.