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Aptos, the fast-growing Layer-2 network, has rallied over the past four months, with technical indicators pointing to a potential 120% jump.
Aptos (APT) reached $13.60 on Dec. 12, marking a 215% increase from its lowest level in August this year.
This recovery happened as Bitcoin (BTC) and other altcoins experienced significant rebounds. Bitcoin appears to have set a strong floor price of $100,000, while the Altcoin Season Index has surpassed 70. Altcoins like Aptos tend to perform well during Bitcoin’s strong uptrends, as investors often seek cheaper alternatives.
Data also indicates growing developer interest in Aptos. Its total value locked (TVL) in the decentralized finance industry has surged to over $1.245 billion, up from $121 million in January.
Key players in the Aptos DeFi ecosystem include dApps like Aries Markets, Amnis Finance, Echelon Market, and Cellana Finance.
Additionally, Aptos has accumulated $321 million in stablecoins, a figure that continues to grow.
Aptos is also gaining market share in the decentralized exchange industry. DEX protocols in its ecosystem have handled over$10.2 billion in volume since inception. Its DEX volume rose by 26% to over $349 million in the last seven days, making it the 13th biggest player in the industry.
Crypto analysts believe that Aptos has room to go, with most of them comparing it with Sui (SUI). Sui has grown into a $13.8 billion coin. In an X post, Man of Bitcoin predicted that Aptos would jump to $16.30 soon.
Aptos price has more upside
The daily chart highlights a strong rally for APT since bottoming out at $4.30 in August. During this period, the price has consistently formed higher highs and higher lows.
Aptos has also displayed a “break and retest” pattern, pulling back to $10.40, which aligns with its April 21 swing high and the 38.2% Fibonacci retracement level.
Moreover, the price is gradually forming a “cup and handle” pattern, a bullish setup characterized by a rounded bottom. The upper edge of the cup is at $19.30. If this pattern continues, Aptos is likely to reach the upper edge, representing a 42% increase from its current level. By measuring the depth of the cup, analysts estimate that the Aptos price could subsequently rise to $27.
This article first appeared at crypto.news
