Aptos (APT) Records Spike in Key Metrics, Suggesting Potential for Price Recovery

Aptos [APT] token has been battered by the recent market downturn, enduring a 6.27% loss in value over the past 24 hours. To put this into perspective, the token was trading at $9.63, a far cry from its 24-hour high of $10.33.

However, despite the short-term pain, certain market signals and key metrics for APT suggest the possibility of a price recovery.

At press time, the token was ranked 34th by market capitalization, with a total market cap of $963,944,044, according to CoinGecko.

Aptos activity records a surge

Artemis' latest data reveals a surge in critical metrics for APT, which could influence its price trajectory in the coming days.

The report indicates that the number of daily active addresses on the Aptos blockchain has soared to 1.2 million, reflecting increased network activity.

Moreover, daily transaction volume has sharply risen, with 4.5 million transactions recorded within 24 hours. These transactions encompass both buying and selling activity, indicating heightened market engagement.

While these metrics alone do not definitively indicate APT’s price direction, further analysis of derivative and spot trading trends suggests the potential for a price recovery.

Spot, derivative traders place their bets on buying

Both spot and derivative market traders appear to be engaging in buying activity, indicating a shift in sentiment toward APT.

At the time of writing, APT outflows from exchanges surged significantly. Over the past seven days, the Total Exchange Netflow for APT reached $15.05 million, a sharp rise compared to the $2.59 million recorded the previous week.

Exchange netflow measures the movement of assets in and out of exchanges. A negative netflow, as observed here, indicates substantial outflows, suggesting traders are transferring their holdings to private wallets for long-term storage—a move often associated with bullish price action.

On the other hand, derivative market traders are also contributing to the buying momentum. The funding rate, a key metric reflecting trader sentiment, has been steadily increasing over the past eight hours.

According to Coinglass, APT’s current funding rate stands at 0.0081%, indicating that long positions are dominating the market. This positive funding rate shows that long traders are paying a premium, reflecting their bullish outlook on the asset’s potential to rise.

Potential rally to $15

On the charts, the movements of spot and derivative traders align with a critical demand zone between $7.69 and $8.64. This zone has historically acted as a catalyst for upward rallies on four separate occasions, suggesting the possibility of a similar reaction this time.

This demand zone could amplify any upcoming rallies, potentially propelling APT toward resistance at $11.93 and $13.08. If the buying pressure persists, the token could continue rallying up to the $15.33 price level.

However, it’s important to note that technical analysis is not an exact science and should be used in conjunction with other forms of analysis.