Aptos Price Surge: Bulls Charge as Sentiment Hits November High

Aptos' key metric has reached November levels, sparking speculation about the impact on APT's price. Over the past few months, APT has experienced a significant decline of 27.55%, accompanied by extreme volatility, with the altcoin's price dropping from a local high of $9.8 to a low of $4.

The price chart reveals that Aptos has been trading within a descending channel for the past month, with repeated attempts to break out of the resistance met with rejection, indicating strong bearish sentiments. At the time of writing, APT was trading at $6.07, having lost 4.45% of its value in the past 24 hours. The altcoin also experienced declines on the weekly and monthly charts, dropping by 1.32% and 27.55% respectively.

Despite the sustained price drop, market optimism appears to be on the rise. According to Santiment, investor sentiment recently surged to its November levels, with weighted sentiment hitting a three-month high. This indicates that more investors have a favorable opinion of Aptos than negative ones, and weighted sentiment has remained positive over the last 5 days.

As sentiment soars, the question remains whether this can push APT's price towards recovery. AMBCrypto's analysis suggests that buyers are attempting to retake the market, with sellers showing signs of exhaustion. The Delta has turned positive, indicating that buying pressure is currently outpacing selling pressure. Aggressive buying across the market hints at rising demand, and if the Delta remains positive for an extended period, buyers may be willing to pay higher prices.

The uptick in buying pressure is further validated by the order imbalance, with the positive order imbalance outweighing the negative side. This has remained positive over the last 2 days, signaling strong bullish sentiment and large players accumulating. Additionally, the altcoin's long/short ratio reveals that long position holders have been dominating the market, with longs accounting for 75.3% of the total Futures accounts while shorts take 24.77%. This indicates that investors are bullish and expect the price to rebound in the near term.

In conclusion, buyers have entered the market to accumulate at lower rates, and if this buying momentum can hold, we could see Aptos break out of the descending trendline again. This time, it might do