Layer 1 blockchain Aptos (APT) has experienced an impressive surge in its network activity in the last few weeks, making it inch for the $20 level, surpassing the yearly high for the network.
The Proof-of-Stake (PoS) network is in multi-month highs courtesy of increased user activity in the blockchain, which has sparked a surge in the token’s price.
The APT token has gained significantly in value to reach new heights with the possibility that the altcoin might expand its ongoing gains to rally to $19.37 if the demand continues.
The increase in user activity on the Apos network over the last month is due to the surge in unique addresses used to make at least one transaction. This has gone up by 115% in the last 30 days as Aptos registered 743,466 active addresses every day. The daily transactions across the network have also risen with over 5 million transactions in a day. This has caused the transaction volume to grow exponentially by 373%
All these surge in crypto user activity in Aptos shows how it is performing in the decentralized finance (DeFi) sector. In the last 30 days, the Layer 1 blockchain’s DeFi total value locked (TVL) has increased by 67% to reach an all-time high of $909 million.
DeFi TVL aggregator DefiLlama has ranked Aptos as the 11th largest blockchain based on TVL. It’s closing in on the 10th largest blockchain Sui which has $1.01 billion TVL.
As APT gains significantly because of the rise in Aptos network activity, crypto analysts are predicting an extended rally On October 22, the altcoin has seen a11% increase in price as it traded just above the $10.07 resistance level, at $10.88 which APT a top market gainer yesterday. APT’s Chaikin Money Flow (CMF) was above the zero line at 2.0 as it also witnessed a spike over the last month. The CMF is a critical indicator of how money flows into crypto assets and its surge along with a price rise indicates an upward price movement which has the backing of the buying volume. This ensures that the spike in prices will continue with analysts predicting Aptos could reach $19.37, its yearly high point. APT can even touch the $20 resistance level.
Crypto analysts have warned that profit-taking activity at this point could lead to a drop in the price, resulting in APT moving towards its all-time low of $4.32, last seen on August 5.
As of 10:44 pm UTC on October 23, APT is trading at $9.87, down 3.72% in the last 24 hours while its trading volume dropped by 51.56% to touch $279.95 million. The Aptos token has a market cap of $5.01 billion which has decreased by 3.69% in the last 24 hours.