Aptos Price Surges 5% to $5.19, Eyes 50% Gain

Aptos, a layer-1 blockchain, has recently experienced a significant surge in its price, crossing key levels that suggest a potential for further upward movement. The cryptocurrency has shown remarkable resilience, with its value hovering near $5.19 after a sharp recovery from sub-$4.00 levels. This breakout indicates that Aptos might be poised for a larger move up, especially if the current support levels hold.

The technical structure of Aptos' price movement suggests that sustained trading above the former wedge resistance, now acting as support, could drive prices higher in the short-to-medium term. The cryptocurrency has managed to break above both a descending trendline and a horizontal resistance area around $4.90 to $5.00. This move puts Aptos in a bullish position because these levels had been capping upside attempts for weeks. The price spent most of June trapped below the blue horizontal box, bouncing back and forth without strength. But after a sharp rally, the price pierced through the descending trendline and closed above the horizontal resistance. This breakout suggests that Aptos might be ready for a larger move up, especially if this area can now hold as support.

Analysts have shared targets near $7.40 and $6.67, which would mean gains of about 50% to 60% from the current Aptos price. The heightened bullish momentum observed this week, with Aptos edging higher by 5% and recovering above the $5.00 mark, further supports this optimistic outlook. The recent surge in Aptos' price has been accompanied by a rise in open interest among derivative traders, indicating a surge in optimism within the market. This increased interest from traders, coupled with the technical indicators and the launch of new network features, positions Aptos for potential further gains in the near future.

The longer-term weekly chart tells a similar story, but from a bigger perspective. The Aptos price has been testing a multi-year support zone that has held strong since early 2023. Each time the APT price touched this area, it quickly rebounded. Although there were a few brief breakdowns below the support, none of them led to a decisive move lower. Yesterday, Aptos price dipped below this zone again but snapped right back up, and now it is trading above the key horizontal area around $4.90. This bounce makes it look like buyers are defending this support once more. If Aptos price can keep this level as support in the coming days, the next midterm target will likely be the long-term descending trendline shown on the weekly chart. This trendline has been acting as resistance since Aptos peaked near $20, and reaching it would signal a shift in market sentiment.

Overall, both the short-term and long-term charts for Aptos price are pointing toward a potential breakout. On the 12-hour chart, the recent move above resistance shows strength. On the weekly chart, the consistent defense of multi-year support suggests the downside may be limited. If the Aptos price can flip this $4.90 zone into support, it opens the door for a rally toward the descending trendline near $7 or higher. With these technical signals lining up, Aptos looks like it could finally break out of its long bearish trend if bulls can keep momentum going.

The total value locked (TVL) in Aptos has also crossed the $1 billion mark, marking a significant milestone for the blockchain. This increase in TVL indicates growing confidence and investment in the Aptos ecosystem, further bolstering the potential for price appreciation. The recent launch of Aptos' decentralized storage network, Shelby, has contributed to the surge in the value of APT, the native token of the Aptos blockchain. This technical analysis is supported by the recent launch of Aptos' decentralized storage network, Shelby, which has contributed to the surge in the value of APT, the native token of the Aptos blockchain.