⚪️ Aptos attracts capital from 3 major chains – Can APT turn it into $1?
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.
