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Aptos (APT) is making waves in the crypto market as it displays signs of a bullish breakout amidst a surge in network adoption.
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A notable 10x increase in active accounts highlights the growing acceptance of the Aptos network, signaling robust market fundamentals.
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As noted by Solberg Invest, breaking above the $18-$20 resistance could trigger substantial price movements towards $34.
Aptos (APT) is positioned for a potential bullish breakout, with significant network growth and market momentum backing its upward trajectory.
Aptos’ bullish flag and price action
APT is currently navigating a bullish flag pattern after consolidation phases following its price uptrend. This pattern indicates a potential willingness to break out above significant resistance levels.
In the past 24 hours, APT successfully retested the vital $5-$6 support zone, setting the stage for a potential rally if momentum continues to build. Analysts suggest that if this bullish trend persists, the altcoin could breach the key resistance levels of $18-$20, leading to an projected range of $30 to $34.
Source: X
On-chain growth: APT’s surge in adoption
Aptos continues to make strides on the adoption front, evidenced by a staggering increase in active accounts, soaring from 1.6 million to 15.8 million over the past year. This significant surge indicates a healthy trend in user engagement and network activity.
Source: X
Are traders positioning for a bullish breakout?
Recent metrics show that APT’s 24-hour Relative Strength Index (RSI) currently stands at 42, while the 4-hour timeframe indicates an upward shift to 58, as per Cryptowaves’ data. These indicators suggest that traders are increasingly confident about the asset’s bullish potential.
Furthermore, the long-to-short ratio of 2.79 indicates that more investors are purchasing APT, contributing to a notable increase in trading volume. Additionally, Aptos has recently experienced an 18.47% rise in Open Interest across major exchanges, reinforcing the bullish sentiment among traders.
Source: Coinalyze
So, what next?
The utility-driven ecosystem of Aptos positions it as a contender in the crypto landscape, bolstering investor confidence amid its ongoing development. A successful breakout above the $18 resistance level could catalyze upward price movements, potentially reaching $30 or higher. However, failure to breach this pivotal resistance might result in APT retesting its support within the bullish pattern, allowing for further consolidation and a renewed attempt in the coming weeks.
