Is Aptos' Price Surge Sustainable? Network Activity and Metrics Provide Mixed Signals

Is Aptos' Price Surge Sustainable?

Aptos [APT] has enjoyed a surge in usage over the past month, reflected in its impressive network activity. However, some metrics suggest a potential trend reversal.

Aptos' Network Activity Skyrockets

Token Terminal's tweet highlights the surge in Aptos' network usage, with daily active users jumping from 64k to 271k. This increase has positively impacted APT's price, which has surged by nearly 75% in the past 30 days.

Current State of APT

Artemis' data reveals that Aptos' network status remains high, with Daily Active Addresses rising. However, Daily Transactions have dropped since March 1st. The blockchain's captured value has also seen an uptick, with fees and revenue increasing.

Metrics Suggest a Bearish Trend

Despite APT's recent price gains, certain metrics raise concerns. Open Interest remains low, indicating a lack of derivatives investor confidence. The Funding Rate has also declined, suggesting that investors are not actively buying APT at its current price.

Technical Analysis

At the time of writing, APT's price has reached the upper limit of the Bollinger Bands, which could trigger selling pressure. However, the MACD indicator points to a bullish advantage, supporting buyers.

Conclusion

Aptos' recent surge has been driven by increased network activity and captured value. However, some bearish metrics, such as low Open Interest and Funding Rate, suggest a potential trend reversal. Technical analysis indicates both bullish and bearish signals, leaving the sustainability of APT's price surge in question.