Here’s why Aptos price may jump 85% as active addresses soar
Aptos price has remained under pressure this year even as the network experienced strong on-chain metrics.
Aptos (APT) retreated to $8.35 on Sunday, its lowest level since Nov. 5 last year. It has crashed by about 45% from its highest level in November.
Aptos has strong on-chain metrics
Third-party data shows that Aptos is doing well as its ecosystem continues growing. According to Nansen, the number of active addresses on Aptos has continued growing in the past few months. It has over 1.2 million active addresses, up from less than 100,000 in August last year.
More data shows that the number of transactions in Aptos has continued rising this year. Its 30-day transactions jumped by over 30% to 156 million.
Meanwhile, the total value in its ecosystem has continued rising.
According to DeFi Llama, the network has a total value locked of over $1.05 billion. Aries Markets, Echo Protocol, Amnis Finance, and Thala are the biggest players in its ecosystem.
Sui also has over $792 million in stablecoins, higher than Sui’s (SUI) $465 million. Stablecoins like Tether and USD Coin are widely used in the DeFi, NFT, and gaming industries.
Top Aptos networks are also seeing higher volume in the decentralized exchange industry. The volume in the last seven days jumped to $133 million, with Thala, LiquidSwap, and Cellana Finance being the biggest players in the ecosystem.
Aptos price technical analysis
The APT token peaked at $15.40 on Dec. 7, and has now crashed to about $8. It has crashed below the 50-day moving average and the key support at $10.53, its lowest swing on Dec. 9.
On the positive side, Aptos has formed a falling wedge chart pattern comprising of two falling and converging trendlines. These two lines are nearing their confluence points, which often leads to a strong breakout.
The MACD and the Relative Strength Index indicators have formed a bullish divergence pattern. This divergence happens when the two indicators rise when the price is on a downward trend.
Therefore, the coin will likely have a strong bullish breakout, with the initial resistance point to watch being at $10.53. A break above that level will signal more gains, with the next point being at $15.40, up by 85% from the current level.
