Can Aptos Price Reach Its Yearly High of $19.37 Again?

Recently, the Layer 1 (L1) blockchain Aptos (APT) has experienced a remarkable increase in network engagement. User interactions on the Proof-of-Stake (PoS) network have reached multi-month peaks, propelling the value of its native token, APT, to unprecedented levels.

Technical indicators suggest that APT is likely to continue its upward trend. Should the demand remain strong, the altcoin could rally toward $19.37. This analysis explores the reasons behind this potential in the mid-term.

Crypto Users Are Drawn to Aptos

On-chain analytics indicate a significant rise in user engagement on Aptos over the last month. According to Artemis, the daily number of unique addresses that executed at least one transaction on the blockchain in the past 30 days has surged by 115%. During this timeframe, Aptos amassed a total of 743,466 daily active addresses.

This spike in user activity on the Aptos network has corresponded with a substantial increase in daily transactions. In the last month alone, the network has processed over 5 million transactions, reflecting an impressive growth of 373% in transaction volume.

Read more: 5 Best Aptos (APT) Wallets in 2024

This growth is highlighted by the booming decentralized finance (DeFi) sector on Aptos. Its DeFi total value locked (TVL) has surged 67% over the past month, achieving an all-time high of $909 million.

As per DefiLlama, Aptos is currently ranked as the 11th largest blockchain by TVL, just behind Sui, which boasts a TVL of $1.01 billion.

APT Price Prediction: Coin Aims for Yearly High

The increase in network activity has translated into remarkable price appreciation for APT. As of the latest update, the altcoin is trading at $10.88, slightly above the support level of $10.07. It has achieved an 11% price increase in the past 24 hours, earning it the title of the market’s top gainer.

BeInCrypto’s analysis of the coin’s critical momentum indicators indicates the potential for a continued rally. For instance, APT’s Chaikin Money Flow (CMF) has also shown an upward trend alongside its price and is currently positioned above the zero line at 0.20.

The CMF assesses the flow of money into and out of an asset. A rise in the CMF along with price suggests that the upward movement is supported by robust buying volume, making the trend more likely to persist. Should this uptrend continue, Aptos may strive to reclaim its yearly high of $19.37 and could potentially surge towards the key resistance level at $20.

Read more: Aptos Crypto (APT): A Comprehensive Guide to Its Functionality

Nevertheless, a surge in profit-taking could undermine this optimistic outlook. If such a scenario unfolds, APT’s price may decline to its low of $4.32 from August 5.