Aptos [APT] continues to gain momentum since its launch in October 2022, positioning itself as a leading layer 1 blockchain.

As Aptos approaches its second anniversary, it is attracting more and more attention from traders and investors. The blockchain’s success is largely due to its unique use of Move technology, which sets it apart from other networks.

Currently trading at around $8.50, Aptos could reach $20, driven by recent on-chain growth. An important indicator of this growth is the total value locked (TVL), which reached $300 million in September. The price has already reached this level in the first week of October alone, suggesting a lot of upside potential in the last quarter of the year.

Liquidity staking projects such as Amnis Finance and TruStake drove this growth, with liquidity staking TVL increasing by 28% in September.

APT flows from CEX and staking

A deeper look at Aptos flows from centralized exchanges (CEXs) shows that despite the surge in outflows, net flows (i.e. outflows minus inflows) were still -1.53 ​​million APT on the largest CEX, Binance.

This indicates that more traders are starting to hold tokens, indicating bullish market sentiment. By reducing the flow of APT to exchanges, traders are showing their reluctance to sell, expecting prices to rise.

Weekly staking data also shows strong support for Aptos. Smart traders have been staking APT, with the total staked value averaging over $800 million since the beginning of the year.

Although the APT staking ratio has slightly decreased this week, the average daily transaction volume in September is still healthy at 1.5 million.

The highest number of transactions per day was recorded at 2.7 million, reflecting the growing activity of Aptos and the potential for further growth.

Number of active users

In terms of user adoption, Aptos continues to see an uptick in active users. Currently, the network has over 2 million active users, a 33% increase from the beginning of the year.

New users have grown 101% since January, with 1.299 million new users joining the Aptos ecosystem this year alone.

All indicators suggest that Aptos is on track to achieve significant growth and end the year on a strong note, and as more traders and investors take notice of its strong performance, the price of Aptos has the potential to reach higher levels.

Investors unfazed by volatility

According to Token Unlocks, Aptos will issue 11.31 million tokens, or 2.25% of its maximum supply, on October 11. At the altcoin’s current price, these tokens are worth nearly $100 million.

Token unlocking is an important aspect of a project's vesting schedule. This occurs when previously locked tokens are released into circulation. This process is designed to manage the distribution of tokens and mitigate their potential impact on price.

However, in cases where the number of unlocked tokens is high, cryptocurrency prices can experience large fluctuations, sometimes even significant declines.

The situation for Aptos may be different depending on the signals from the daily chart. One of the indicators that supports this prediction is the Bull-Bear Power (BBP).

BBP measures the ability of buyers (longs) in the market to push prices up and sellers (shorts) to push prices down below a certain level.

When BBP is rising, it means that bulls have the upper hand and the price may rise. On the other hand, a falling indicator shows that bears have the upper hand. As shown in the daily chart, BBP has been rising, indicating that the price of Aptos may rise above $9.10.

APT price target could be $12

An evaluation of the daily chart shows that APT is facing resistance at $9.40 and is unable to reach the milestone of $10. However, with the support at $8.53 and strong buying power, the altcoin still has the potential to break through $10.

If the bulls remain in control, the price of APT could surge by 35%, potentially reaching $12.70. In an extremely bullish scenario, the token could even rise to $16.53, although this seems unlikely before Friday’s unlock event.

On the other hand, if holders start to take profits in large amounts, the price of Aptos could fall. The resulting supply shock could further increase downward pressure, pushing the price down to $7.58.