Aptos (APT) Sees Price Rebound amid Surge in Active Addresses

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Renowned Proof-of-Stake (PoS) blockchain network Aptos has shown remarkable growth in recent times. According to Artemis data, the network recorded a staggering 16.7 million active monthly addresses, with daily activity peaking at 1.7 million addresses on January 29. At the time of writing, the platform boasts 1.4 million daily active addresses despite the ongoing crypto market slump.

Further bolstering its ecosystem, Aptos-native USDC issuance has hit $62.32 million, while the total value locked (TVL) stands at approximately $858.7 million, according to DeFiLlama. These numbers reflect the network’s expanding user base and robust on-chain activity even during uncertain market conditions.

APT Price Action

Currently trading at around $5.95, Aptos’ native token APT has gained 2.8% in the past 24 hours. Despite this positive movement, the token remains below its average buy-in price of $7.30, placing most holders at a loss — a situation that reduces immediate selling pressure and could signal an upward rally ahead.

Analyzing the daily chart, the Bollinger Bands also confirm that the token is in the oversold territory as the price is moving near the lower boundary. A potential bounce toward the median band near $7 is plausible if buying momentum continues.

Similarly, the 14-period Relative Strength Index (RSI), currently sitting at 28.47, also signals deep oversold conditions. Historically, such low RSI levels have often preceded price recoveries. However, for a meaningful bullish breakout, the price must breach the immediate resistance near $6.50. If this level is surpassed, APT could aim for the $8 range in the medium term.

On the downside, a strong support level exists around $5.50. A sustained drop below this mark could trigger further declines, with $4.75 serving as the next critical support.

What’s Ahead?

The recent price recovery aligns with the broader crypto market rally on Tuesday as a result of the tariff pause between the US, Canada, and Mexico. Though the announcement provided temporary relief, the possibility of renewed geopolitical stress looms large. If tariffs are reinstated or extended, APT and other cryptocurrencies could see downward pressure.

Meanwhile, analysts are urging investors to focus on the long-term growth potential of the projects and buy the dips.

Popular crypto analyst Aman recently highlighted Aptos as one of the top blockchain projects with massive growth potential. According to Aman, its strong development activity and user engagement metrics position it as a promising contender in the space.

🤔 Will Aptos continue its upward trend, or will the market downturn bring it back down to earth? Only time will tell. 💸

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2025-02-04 12:33