Aptos [APT]: Up by 75% and….? Here’s why holders should be wary
- APT’s price surged by 75% in the last 30 days.
- A few metrics suggested a trend reversal.
Aptos [APT] has witnessed a massive boost in usage over the last 30 days, reflecting its high adoption. This was corroborated by a rise in its network activity.
Therefore, AMBCrypto planned to take a look at APT’s state to understand if Q1 2024 will end on a similar note.
Aptos’ network activity is up
Token Terminal recently posted a tweet highlighting the fact that Aptos’s network usage skyrocketed.
The blockchain’s daily active users jumped from 64k to 271k over the past 30 days, placing the chain in ninth place across all protocols.
The rise in network activity also had a positive impact on the token’s price. As per CoinMarketCap, APT’s value surged by nearly 75% in the last 30 days.
How is APT currently doing?
AMBCrypto’s analysis of Artemis’ data revealed that the blockchain’s network status remained high at press time.
Notably, its Daily Active Addresses rose. But despite this, APT’s Daily Transactions dropped after a massive spike on 1st of March.
Source: Artemis
Things in terms of captured value also looked optimistic. This was the case, as both Aptos’ fees and revenue went up in the last month.
The blockchain was also doing well in the DeFi space, which was evident from the rise in its TVL.
AMBCrypto then took a look at APT’s metrics to find whether its price action is still responding well to its network activity. As per CoinMarketCap, APT’s price rose by more than 4% in the last 24 hours alone.
At press time, it was trading at $16.27 with a market capitalization of over $6.4 billion.
However, a few of the metrics looked bearish. While the token’s price rose, its Open Interest remained low.
Aptos’ Funding Rate also dropped, meaning that derivatives investors were not buying the token at its press time price.
Source: Santiment
Read Aptos’ [APT] Price Prediction 2024-25
Moreover, the token’s price had touched the upper limit of the Bollinger Bands at press time. This might increase selling pressure and put an end to APT’s bull rally.
Nonetheless, the MACD indicated a clear bullish advantage in the market, and seemed to support the buyers.
Source: TradingView
