🔘 Will APT’s price clear $0.87 after Aptos’s launch of Block-STM v2 upgrade?

Aptos [APT] rebounded by over 13% in 24 hours as the wider market recovered. Altcoins took the lead on this recovery as the total market cap of all cryptos surpassed $2.77 trillion, up by more than 2.21%.

At the time of writing, APTs daily trading volume was $100 million, primarily driven by the hype around the upgrade of the ecosystem. What are the final details of the update though?

🔸 Aptos Labs announces upgrade as network reacts

Aptos Labs announced the upgrade of Block-STM, which has been running in parallel on Aptos since the mainnet. This upgrade was completed on 15th October and was named Block-STM v2, with other chains building on it.

This upgrade has since increased transaction throughput and scalability. In fact, this process was explained by Aptos Labs’ Head of Research Alexander Spiegelman and Near Protocol [NEAR] co-founder Illia Polosukhin.

As a result, the throughput and network activity responded instantly. For instance, the chain’s TPS hit a peak value of 1,308 while the real-time throughput was 174. This revealed that there was a difference between the theoretical and real values.

Additionally, Daily Active Accounts rose from 46,670 to 49,385, a 5.82% uptick.

🔸 Why are bulls struggling to break resistance level?

However, on the 4-hour chart, APT's price was rising but facing a huge blockade at $0.8777. Every time the price hit this level, it got rejected and even had a fake breakout five days ago.

At press time, APT was trading above $0.8777, with the same faintly flipping the SuperTrend indicator to bullish. Still, it wasn’t confirmation if the altcoin’s bulls can keep it out of this consolidation.

This may be why the RSI Divergence has been bearish. However, it broke above the neutral level with a reading of 62.41.

#APT | #Aptos | $APT

⚪️ 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.

#APT | #Aptos | $APT