- Technical analysis predicts a breakout above the $18-$20 key resistance zone, could push Aptos up to $34.
- APT’s market sentiment appears bullish, while the network’s on-chain growth sees a 10x surge within a year.
Aptos [APT] has caught the attention of investors following a huge network adoption and growth. The altcoin has been consolidating inside a bullish flag, signaling a potential breakout and price uptrend.
At press time, APT was trading at $5.44, an 11.22% price surge according to CoinMarketCap. The trading volume rose by 29.91% showing increased network activity in the last 24 hours.
Aptos’ bullish flag and price action
APT has been trading in a slightly downward-sloping channel following a previous uptrend, with the price consolidation forming a bullish flag pattern.
In the last 24 hours, the price retested the $5-$6 key support zone before starting an uptrend as seen in the lower timeframe.
If the bullish momentum holds, the uptrend could break out of the $18-$20 key resistance zone.
According to an analysis by Solberg Invest on X (formerly Twitter), a break above this key level could rally the altcoin toward $30 in the mid-term and upwards to $34.
Source: X
On-chain growth: APT’s surge in adoption
Besides the rising transaction volume, Aptos has seen its active accounts rise by 10x. According to Aptos Nerd, the accounts grew from 1.6M to 15.8M within the last year, showing exponential network adoption.
Source: X
Are traders positioning for a bullish breakout?
At press time, APT’s 24-hour Relative Strength Index (RSI) stood at 42, and rose gradually to 58 in the 4-hour timeframe, based on Cryptowaves data.
Additionally, the altcoin’s long-to-short ratio of 2.79 suggested that investors have been buying APT in the last 24 hours, as seen from its surging trading volume.
The bullish momentum was confirmed by an 18.47% increase in Aptos’ Open interest in major exchanges.
Source: Coinalyze
So, what next?
Aptos has a utility-driven ecosystem that promises a bright future and increased adoption. This has boosted investor confidence in the last few months. As a result, APT’s uptrend could lead to a breakout above the $18 key resistance.
If the bullish momentum holds, Aptos could rally to $30 and above. Failure to break above this key resistance level, APT could retest its support zone within the flag, waiting for another attempt in the next few weeks.
