Aptos (APT) Price Prediction as Network Experiences Strong On-Chain Metrics

Aptos price has remained under pressure this year even as the network experienced strong on-chain metrics. Aptos (APT) retreated to $8.35 on Sunday.

Aptos (APT) price dropped sharply on Sunday, bringing its total decline from last week’s high to about 13%. The coin crashed to a low of $8.35, the lowest level since early November. Despite the strong performance by Aptos in terms of on-chain metrics, the APT price has remained under pressure.

Aptos price technical analysis

The four-hour chart shows that Aptos has been in a strong bearish trend in the past few weeks. As a result, the coin has crashed below the 50-day moving average, the Bollinger Bands, and the key support at $10.53.

On the positive side, Aptos has formed a falling wedge chart pattern. This pattern is formed by two falling and converging trendlines. The two lines are now nearing their confluence points, which usually leads to a strong breakout.

The MACD and the Relative Strength Index (RSI) indicators have also formed a bullish divergence pattern. This divergence pattern is formed when the two indicators rise as the price forms lower lows.

Therefore, the coin will likely have a strong bullish breakout, with the initial resistance point to watch being at $10.53. A break above that level will signal more gains, with the next point being at $15.40, up by 85% from the current level.

Aptos strong on-chain metrics

Third-party data shows that Aptos is performing well as its ecosystem continues expanding. According to Nansen, the number of active addresses on Aptos has been rising sharply in the past few months.

It has over 1.2 million active addresses, up from less than 100,000 in August last year. At the same time, the 30-day transactions in Aptos have jumped to 156 million, an increase of over 30%.

Meanwhile, the total value locked in Aptos has continued rising. According to DeFi Llama, the network has a total value locked of over $1.05 billion.

The biggest players in the Aptos ecosystem include Aries Markets, Echo Protocol, Amnis Finance, and Thala. Sui also has over $792 million in stablecoins, higher than Sui’s (SUI) $465 million. Stablecoins like Tether and USD Coin are widely used in the DeFi, NFT, and gaming industries.

Top Aptos networks are also seeing higher volume in the decentralized exchange industry. The volume in the last seven days jumped to $133 million, with Thala, LiquidSwap, and Cellana Finance being the biggest players in the ecosystem.