Aptos Mainnet only opened fully in October 2022 amid last year’s tumultuous bear market. Since then, the developmbnt team of Aptos has been busy. According to Santiment, on-chain development has been almost consistent although it is far from the all-time-high level.
Because of this, CoinGecko noted a strong bullish push as Aptos’ native token, APT, surged 147% in the weekly time frame. Adding to the bullishness is the current sentiment about cryptocurrencies.
according to new newsThe market may continue to be bullish as the derivative market of Bitcoin sends a buy signal to the bulls.
What’s in Aptos?
Name and surname Aptos, The name Aptos, has been on a roll lately for creating open source smart contract code. According to threadthis will make the contract more secure as individuals can manage the contract.
It will also make the code more decentralized, allowing the community to have more input and authority over what the future holds for Aptos Names.
Image: Aptos Names Twitter
PancakeSwap too along with multi-chain deployment in Aptos. Since the proposal, the decentralized exchange has deployed more than 14 farms in the block with four APT pairs available.
Investors should watch these levels
The continued rally for APT is something the bulls love, making APT one of the top winners in almost every time frame, according to CoinGecko data.
From January 1, Aptos finds three price levels if the token faces a strong rejection in the coming days or weeks.
At present, the rally is supported at $12.32. If the token faces rejection, investors and traders can count on this important support if the $16.01 support is broken.
APT total market cap at $3 billion on the daily chart | Chart: TradingView.com
Now, the token can reach this new high as a result of the on-chain development that gives investors confidence.
At the time of writing, January 26, the buyer is long exceed the amount short sellers with small margins.
Image: Coinglass
This could be a sign that investor confidence in the token’s long-term prospects is still optimistic. Now, investors and traders can cash in some profits to hedge against potential downturns in the APT market.
Watching the overall situation in the crypto market is also a must because market movements by major cryptos can have an impact on the APT price trajectory.
Featured image by New Scientist