Following a $600 million crypto market crash, many leading altcoins hit their monthly lows. However, skepticism over Matrixport’s report and the SEC’s recent talks with stock exchanges about ETF launches brought a market rebound. As a result, Aptos significantly recovered, regaining its pre-crash value completely.
Aptos Leads With Big Gains
Aptos experienced a robust rebound after strong buying interest emerged around the $8.8 low, sending its price towards $11. This upward move led to significant losses for sellers, with Coinglass data indicating total liquidations close to $600K. Notably, short positions accounted for approximately $480K of these liquidations.
Aptos has not only recovered from the recent market crash but has also outshined other leading altcoins. This remarkable performance can be due to the notable surges within its ecosystem. The blockchain has seen a surge in activity that suggests a rising demand for APT token.
Data from Aptos Explorer reveals a significant 16% increase in user transactions. This jump, from 494K to 575K between January 1 and today, highlights the growing engagement within the Aptos community. Moreover, the number of monthly active accounts on the Aptos blockchain has soared by 19%, climbing from 880K to over 1.04 million. This increase showcases the blockchain’s ability to attract and retain a larger user base.
These developments have had a direct and positive impact on the APT token’s price. The surge in both user transactions and active accounts brings a rising confidence and buying pressure in the market, further skyrocketing the value of APT.
DefiLlama’s data reveals a significant increase in the total value locked (TVL) of Aptos, showcasing exponential growth in recent months. Since November, there has been an uptrend in TVL, nearly doubling from $60 million to surpass $122 million. This increase in TVL further boosts the ongoing recovery of the APT token.
What’s Next For APT Price?
Aptos price experienced a rebound from the strong support level at $8.5 and buyers aggressively pushed the price above resistance levels and gained the $10 mark. However, bears are defending further surges from this level. As of writing, APT price trades at $10.7, surging over 19.1% from yesterday’s rate.
As the RSI level surged exponentially from its midline and now trades near the overbought region, traders might see a correction around the $11 level. If APT price reverses from the current level and drops below the immediate Fib level, it might consolidate around the EMA20 trend line.
However, bulls are aiming to hold the current rally. If they hold the price within the resistance zone of $11-$14, APT price is anticipated to surge toward $20. However, this might come with strong bearish dominance.
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