Aptos [APT] is up 10% in the past 24 hours as the broader crypto market continued its recovery. With crypto market sentiment turning to greed, Aptos is similarly aligning with this strength.
However, its double-digit gains in a single day are amplified by a spike in network activity and a bullish market structure. Here is why Aptos has gained over 55% in the past seven days.
Bridged TVL, transactions, and trading volume
Aptos was regaining its network activity after a sharp decline on the 6th of September when its bridged TVL plunged to $550 million. The metric has since more than tripled to about $1.89 billion in about two weeks since the incident.
The number of transactions also kept increasing as users bridged capital to Aptos from other chains, including Bitcoin [BTC], Ethereum [ETH], and Solana [SOL]. On average, daily transactions were ranging between 10 million and 15 million.
Additionally, daily token volume rose from about $42.76 million to above $150 million over the past week. It hit a monthly high of $267 million on the 19th of September.
CryptoQuant data showed overheating volume in both Futures and Spot markets. Spot Taker CVD was buyer-dominant, suggesting buyers drove much of the Spot activity.
Meanwhile, stablecoin holders on Aptos grew to more than 1.50 million. About 1 million held USDT, while the rest held USDC.
APT breaks out, but bulls face a KEY test at the $1 zone
On the charts, Aptos was trading above a broadening wedge pattern that had lasted from June to mid-September. The three-and-a-half-month consolidation indicated an accumulation stage, with the breakout confirmed by a retest at $0.70.
Currently, Aptos has a clear path to $1, where the next supply zone is located. Flipping the zone into support would expose $1.20 as the next target for bulls.
On the contrary, APT is still susceptible to a drop to $0.70 or $0.55 if the prior demand level is lost.
This view is supported by a bullish strength evident on MACD bars, which are expanding higher up. The Stochastic RSI reinforces the buying activity as it is overbought.
However, the Stochastic RSI has marked turning points in APT. In fact, its signal lines are crossing over, indicating a correction may be approaching.
Final Summary
- Aptos surged by about 10% as its bridged TVL tripled in two weeks, with volume and transactions also spiking.
- APT broke from a broadening wedge pattern as bulls target $1, although signs of correction have appeared.