- A sustained rally could see Aptos retest its March highs.
- According to the indicators, APT whales are getting more exposure in the market.
Aptos (APT) Over the past 7 days, it has performed very well, with this altcoin recording double-digit growth. Thanks to the same, the token has even managed to break out of its multi-month bullish pattern, which could see APT soon double in price.
Aptos breaks away from the pattern.
According to CoinMarketCap, Aptos bullishness has driven the token price up by over 20% over the past 7 days. The bullish trend has continued over the past 24 hours, with APT’s value up over 7%. At the time of writing, APT is trading at $7.11 and has a market cap of over $3.44 billion.
Surprisingly, despite the recent price increase, Aptos’ weighted sentiment has declined, suggesting that bearish sentiment around the token is on the rise. Social volume has also declined, highlighting the declining popularity of the altcoin.
Source: Santiment
While that was happening, the token broke above a bullish falling wedge pattern. This pattern appeared in March and the price of APT was consolidating within it, but broke through a few days ago.
This breakout suggests that APT is seeing double growth and could soon retest the March high. However, before targeting the March high, the token must first overcome the $10.17 and $14.4 resistance levels in the coming weeks.
Source: TradingView
Will APT’s bullish rally continue?
AMBCrypto looked at Aptos’ on-chain data and found out what it suggests about the ongoing price rally. They found that APT’s trading volume has surged by 71%, which is usually the basis for a bull market.
The token’s outstanding balance has increased along with the price. The rise in this indicator indicates that the current price trend is likely to continue.
Source: Santiment
Also, Coinglass’ data APT’s long/short ratio also appears to have increased.
This means that there were more long positions than short positions in the market, which was seen as bullish. Also, according to Hyblock Capital data, Aptos’s retail delta to whales was 54 at the time of writing. The closer the number is to 0 and 100, the more exposed the whales are.
Source: Hyblock Capital
AMBCrypto finally analyzed APT’s daily chart to get a better idea of what to expect from the token. According to the analysis, APT’s Chaikin Money Flow (CMF) has been in a sharp uptrend. The Relative Strength Index (RSI) is also above the neutral mark. This is a bullish signal.
read Aptos’ (APT) Price Prediction 2024-25
However, the token’s price has reached the upper limit of the Bollinger Bands, which often leads to price corrections. Nevertheless, if the bullish rally continues, it will be important for APT to break above the resistance level near $7.5.
Source: TradingView