On October 22, as the total value locked in the protocol surged, APT topped the gainers' list.
Aptos has risen 9% in the past 24 hours, reaching a daily high of $11.13 at the time of writing. Its market cap exceeds $5.7 billion, with a daily trading volume over $597 million.
The price increase occurred after this altcoin broke out of a narrow trading range of $9.7 to $10.1 over the past five days. During the early trading session on October 22, a bullish candle appeared on the APT chart, pushing its price from $10.10 to $11.12.
Recent collaborations and developments have driven this rebound.
First, Aptos integrated with the decentralized finance platform Echo Protocol on October 21, pushing the total value locked in Aptos to $150 million. This integration allows Echo protocol users to earn up to 10% APT returns, further enhancing the use case of the altcoin.
According to DeFi Llama data, Aptos's TVL has currently reached an all-time high of $2.15 billion, making it the seventh largest blockchain in the DeFi industry, surpassing its competitor Sui, whose total locked assets amount to $1.64 billion.
Additionally, Aptos has gained attention for announcing a strategic partnership with cryptocurrency exchange MEXC. This collaboration will involve joint initiatives aimed at promoting APT through a series of activities.
These developments have reignited traders' interest. According to CoinGlass data, open contracts in the futures market surged from $213.9 million to $274 million in the past 24 hours, reaching the highest level in six months. Such a significant rise indicates that traders expect the bullish trend to continue in the short term.
The community sentiment indicator on CoinMarketCap also shows a similar outlook, with most traders claiming they hold an optimistic view.
Technical indicators suggest there is still room for upward movement in the future.
On X, anonymous analyst AMCrypto observed that Aptos is forming a bullish flag pattern, supported by an increase in TVL, a surge in daily active users, and savvy investors quietly accumulating tokens. According to analysts, these factors indicate strong fundamentals and technical momentum, likely leading to a breakthrough historical high in the fourth quarter.
According to charts shared by analysts, breaking the resistance level of $10.50 will confirm a bull market signal. At the time of writing, APT has already broken this level, priced at $10.96. Therefore, APT may bounce back to a short-term target price of around $12.50 as predicted by AMCrypto.
APT price, 50-day SMA, and 200-day SMA chart | Source: crypto.news
On the 1D APT/USDT chart, the 50-day moving average has crossed above the 200-day moving average, forming a golden cross, which is a key sign of a bullish trend reversal in technical analysis.
APT Bollinger Bands and RSI chart | Source: crypto.news
Moreover, the relative strength index has remained above neutral since September 18, indicating sustained interest from investors, supporting an overall bullish sentiment.
As the bulls continue to maintain control and the recent golden cross indicates a long-term uptrend, APT may push towards higher resistance levels, with the next target likely around $11.08 near the upper Bollinger Band.
These developments have reignited traders' interest. According to CoinGlass data, open contracts in the futures market surged from $213.9 million to $274 million in the past 24 hours, reaching the highest level in six months. Such a significant rise indicates that traders expect the bullish trend to continue in the short term.
The community sentiment indicator on CoinMarketCap also shows a similar outlook, with most traders claiming they hold an optimistic view.
Technical indicators suggest there is still room for upward movement in the future.
On X, anonymous analyst AMCrypto observed that Aptos is forming a bullish flag pattern, supported by an increase in TVL, a surge in daily active users, and savvy investors quietly accumulating tokens. According to analysts, these factors indicate strong fundamentals and technical momentum, likely leading to a breakthrough historical high in the fourth quarter.
According to charts shared by analysts, breaking the resistance level of $10.50 will confirm a bull market signal. At the time of writing, APT has already broken this level, priced at $10.96. Therefore, APT may bounce back to a short-term target price of around $12.50 as predicted by AMCrypto.
APT price, 50-day SMA, and 200-day SMA chart | Source: crypto.news
On the 1D APT/USDT chart, the 50-day moving average has crossed above the 200-day moving average, forming a golden cross, which is a key sign of a bullish trend reversal in technical analysis.
APT Bollinger Bands and RSI chart | Source: crypto.news
Moreover, the relative strength index has remained above neutral since September 18, indicating sustained interest from investors, supporting an overall bullish sentiment.
As the bulls continue to maintain control and the recent golden cross indicates a long-term uptrend, APT may push towards higher resistance levels, with the next target likely around $11.08 near the upper Bollinger Band.
