Aptos (APT) continued to accumulate earnings despite a pause. Aptos developments and partnerships have likely driven up the APT price. In this context, it helped the token increase by over 19% in 5 days and reach $ 11 today.
A number of factors contributed to increased market confidence and investor interest in APT.
Key Factors Behind Aptos’ Price Increase
Aptos’ partnerships in 2023 helped increase development activities on the blockchain platform.
It is possible that these partnerships are one of the driving forces behind the increased activity on the Aptos blockchain. User transactions increased from 494,000 to 575,000 between January 1 and January 5. The increase in transactions and active accounts showed increased user participation in the Aptos ecosystem.
Additionally, Aptos saw an increase in TVL from $60 million to over $122 million.
New developments and partnerships continue to raise Aptos’ price. Additionally, APT plans to introduce NFT projects soon.
After Aptomingos, an NFT project built on the Aptos blockchain, shared a “summarized version” of its community’s plans for 2024, the blockchain platform shared that it will roll out more NFT projects.
Developments in DeFi will likely help Aptos generate further gains in 2024. Aptos Labs Ecosystem Manager Zach Roth shared that the company is currently in the protocol phase to launch DeFi applications.
So as more protocols evolve, as more protocols are released, as more competition occurs, I think there will be more composability opportunities for everyone, which will benefit the user, the network, and the developers.
Zach Roth Ecosystem Manager, Aptos Labs
Other projects in the Aptos ecosystem also had a successful 2023. This situation will probably continue in 2024. More partnerships and development of Aptos will help grow the ecosystem and increase demand for APT tokens.
APT Price Rises as Bulls Refuse to Back Down
Meanwhile, APT price is up 9% today, reaching a daily high near $10.9. Aptos token continued its rise on January 4. In this context, the APT price reached its highest level since May 2022, with an increase of over 26% from the day’s low of $ 8.8.
altcoin The price is currently facing a stiff resistance near the $11.2 level.
A break above the immediate resistance could help APT price rise to the resistance around $13. On the other hand, its rejection is possible to send Aptos price lower to the support near $9.8. A break of the immediate support could cause APT price to test the 50-day EMA (purple wave) support near $8.5.
The RSI for APT remained neutral at 62.31 points on the daily charts.