The price of Aptos (APT) has surged by an impressive 12%, catching the attention of investors across the crypto landscape. This latest price spike is attributed to a surge in staking activity on the MEXC exchange, pushing Aptos above crucial resistance levels and indicating bullish momentum for the Layer-1 blockchain.
MEXC Staking Boost Fuels Aptos Rally
One of the primary drivers behind this price surge is the increased demand for staking Aptos on MEXC. Staking allows investors to lock up their tokens, reducing the circulating supply and driving the price higher. On MEXC, traders are currently able to participate in a $1.5 million reward pool with an attractive 20% annual percentage rate (APR) when locking their APT tokens for 30 days. This opportunity has led to a significant rise in staking activity, creating upward pressure on the price of Aptos.
Aptos’ DeFi Ecosystem Reaches a New Milestone
Aptos’ growing prominence is not just limited to staking. Its decentralized finance (DeFi) ecosystem has been rapidly expanding, with its Total Value Locked (TVL) reaching an all-time high of $920 million. This new milestone showcases increased adoption and usage of Aptos’ DeFi protocols, adding to the positive sentiment surrounding the project.
Aptos Price Technicals: What’s Next?
Currently, Aptos is priced at $11.05, representing an 8.6% increase in the last 24 hours. This marks a notable recovery from its recent low of $9.61, despite the broader cryptocurrency market experiencing a 3.3% decline. Notably, Bitcoin (BTC) showed weakness around the $66,000 level, but Aptos has maintained its upward trajectory.
The price chart for Aptos reveals a solid upward trend from September’s lows of around $5.50, with a series of higher highs and higher lows. Breaking above the key resistance level of $9.00 has confirmed the bullish momentum, and the next major resistance level is around $15.00. If this bullish structure holds, Aptos could potentially hit a higher target of $19.00.
However, Aptos may retest the $9.00 support level before continuing its upward movement. A bounce from this support could pave the way for further gains, but if the price falls below, it might test the $7.45 support level. A break below this level could invalidate the current bullish outlook.
Can Aptos Reach $19?
The chances of Aptos reaching $19 are high, particularly given its technological advancements and increasing adoption. Aptos recently integrated Chainlink Data Feeds and launched the Shoal++ consensus protocol, significantly boosting network performance and reliability. These developments have bolstered investor confidence, contributing to the growing optimism around the price of APT.
Positive sentiment in the market is also visible through social volume data, which has increased by 127% in the last 24 hours, according to Santiment. This surge in social activity reflects growing interest in Aptos among investors. Additionally, DeFiLlama data shows that Aptos’ TVL in its DeFi ecosystem has hit an all-time high, further validating its bullish potential.
Conclusion
With its combination of strong staking demand and growth in the DeFi ecosystem, Aptos is positioned for continued bullish momentum. While challenges may arise with potential retests of support levels, Aptos’ overall outlook remains positive, and the possibility of reaching $19 is becoming increasingly likely.
Stay tuned for more updates as Aptos continues to push new boundaries in the crypto space.
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