Price Analysis

Aptos Surpasses Solana in Daily Transactions While APT Price Consolidates? Here’s When A Breakout May Occur:

The Aptos blockchain has recorded a new milestone by processing over 115 million within 24 hours. With this, the chain broke the industry record for most transactions registered by an L1 platform which was previously set by SUI. The surge is assumed to have been followed by the launch of Tapos, which is a top-to-earn game. The data from Coinglass revealed that Apots surpassed the transactions on the Solana blockchain by a huge margin. 

The rise in the user transactions of Aptos, which hit a record high, is believed to have a bullish impact on the price of its native token, APT, in the long term. The APT price, which earlier bounced off from the lower crucial support at $8, has entered a notable ascending trend. The price is receiving bullish pushes at regular intervals, due to which it is closer to testing the next crucial resistance at $9.71. 

After marking the interim highs at between $18 & $19, the Aptos price triggered a huge pullback, which appeared to be a massive rejection. However, after the recent rebound, the levels have begun to ascend along the lower trend line, acting as strong support. The price has approached one of the key resistances, and another bullish push is expected to elevate the levels beyond the next crucial range at $11. 

The DMI or Directional Movement Index, is close to flashing a bullish signal, as the +Di & -Di levels could undergo a bullish crossover any time from now. Besides, the APT price is an inch away from testing the Supertrend. Hence, one bullish push may flip the trend from bearish to bullish, as it happened previously in Q4, 2023. Moreover, in the long term, the Aptos price appears to have begun to accomplish the ‘Cup & Handle’ pattern in the weekly chart. 

Therefore, once the APT price reaches the neckline of the pattern, somewhere around $18.5 and surpasses $19, a decent upside movement may begin. 

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