Aptos Price Surges 10% as On-Chain Growth Accelerates

Aptos has experienced a significant recovery rally, with its price surging to $4.85, marking a roughly 10% increase over the past 24 hours. This upward trend follows a period of consolidation and is supported by improving network fundamentals and a shift in market sentiment. According to data from DeFiLlama, the network’s on-chain growth has been accelerating, with monthly decentralized exchange volume on Aptos (APT) climbing steadily from $690 million in January to $2.9 billion in May. As of June, with six days remaining, the volume has already surpassed $3.46 billion.

The total stablecoin market cap on the network has more than doubled, rising from about $650 million at the start of the year to over $1.4 billion. While the total value locked has dipped slightly from May’s high of $1.28 billion, it remains solid at around $1 billion. This indicates a growing interest and investment in the Aptos network. Additionally, activity on the network is picking up, with weekly active addresses in June averaging close to 1 million, rebounding sharply from April’s low of 644,000. This expansion suggests that more users and developers are engaging with the network, contributing to its overall growth and stability.

Recent ecosystem developments have also contributed to the improving sentiment. On June 24th, Aptos Labs and Jump Crypto launched Shelby, a decentralized hot storage solution for high-frequency web3 use cases like streaming and artificial intelligence. This innovation is expected to enhance the network’s capabilities and attract more users. Furthermore, the $10 million Ankaa Fund, backed by Aptos and OKX Ventures, announced plans to support Move-based projects in DeFi, wallets, and gaming. Aptos has also completed the transition to an updated Fungible Asset standard to improve token security and management, further validating its commitment to technological advancement and user security.

Further validation came from the Wyoming Stable Token Commission, which ranked Aptos and Solana (SOL) jointly at the top in a review for the WYST stablecoin initiative. This recognition underscores Aptos’ growing reputation and credibility in the blockchain and cryptocurrency space. On the technical side, Aptos is attempting to break out from a recent base. The price has pushed above the upper Bollinger Band on strong volume, a move often seen as bullish if supported by continued strength above the mid-band. Although momentum indicators are still mixed, positive signs are emerging. The relative strength index is at a neutral 52.78, and the MACD has flipped into a buy signal. Bulls are also benefiting from shorter-term moving averages, as the price is currently above the 10-, 20-, and 30-day averages. The longer-term and 50-day averages continue to act as resistance.

Aptos may open the path toward $5.20 and higher if it can hold support above $4.60 and recover the $5.00 level. A retest of $4.50 or even $4.20 could occur if current levels are not maintained, especially if the strength of the market as a whole wanes. Overall, the recent recovery rally in Aptos is driven by a combination of improving on-chain metrics, ecosystem developments, and positive market sentiment, positioning the network for further growth and success in the cryptocurrency landscape.