Aptos (APT) price is largely attributed to a significant increase in total-value-locked (TVL), which hit an all-time high of $920 million.
Defying the broader market correction, Aptos APT $4.76 24h volatility: 2.3% Market cap: $2.94 B Vol. 24h: $97.44 M price surged 10% earlier today hitting a six-month high all the way to $11.13 levels. The APT market cap surged further to $5.7 billion with daily trading volume hitting past $500 million.
One of the major reasons behind this rally is the surge in total-value-locked (TVL) to $920 million, hitting a new all-time high. According to data from DeFiLlama, Aptos’ total value locked (TVL) has reached an all-time high of $920 million, making it the 7th largest blockchain in the DeFi space. However, it is still behind its competitor Sui SUI $2.14 24h volatility: 0.7% Market cap: $6.94 B Vol. 24h: $413.71 M , whose TVL stands at $1.02 billion.
Additionally, on Monday, October 21, Aptos integrated with the decentralized finance platform Echo Protocol. The integration enables Echo protocol users to earn returns of up to 10% in APT, significantly expanding the altcoin’s use cases.
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—and how you can tune in early. pic.twitter.com/eJOYWbVimZ— Echo Protocol (@EchoProtocol_) October 21, 2024
Another major reason behind the APT price rally is the recent partnership between the Aptos blockchain and crypto exchange MEXC. this joint collaboration aims at promoting the use of APT through various different events.
The recent increase in APT prices can be attributed primarily to a rise in staking activity on the MEXC exchange. Staking allows investors to earn rewards by locking up their tokens, which decreases the circulating supply and can lead to higher prices. The growing demand for staking Aptos on MEXC has generated upward pressure on its price.
Traders on MEXC can participate in a $1.5 million reward pool for staking their APT tokens, offering up to 20% APR for those who lock their tokens for 30 days.
Aptos (APT) Price Action Ahead and Technical Chart
Supported by fundamental factors like an increase in TVL and a surge in daily active users, pseudonymous analyst AMCrypto suggested that Aptos (APT) is forming a bullish flag pattern for a continued rally ahead.
$APT bull flag formation 🚀
TVL is hitting new highs, DAU is going up, and smart money is accumulating
A new ATH is coming in Q4 pic.twitter.com/oWcat4pRXB
— AMCrypto (@AMCryptoAlex) October 21, 2024
Based on this flag pattern, the APT price breakout above $10.5 will confirm the bull flag breakout. As of press time, APT is trading 9.22% up at $10.92 eyeing for a short-term rally further to 12.50 as per the projections by AMCrypto.
The next significant resistance level is approximately $15.00, with a higher target set at $19.00, determined by the bullish structure’s 76.41% measured move. Given the technical breakout from the previous resistance and the projected target from the current formation, a sustained rally could push the price beyond $19.00.
Additionally, Aptos has also been making significant technological advancements. The integration with Chainlink Data Feeds along with the introduction of the Shoal++ consensus protocol have significantly improved the Aptos network performance and reliability.
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