NAIROBI (CoinChapter.com) — Aptos (APT) saw a price correction today, dropping 9.4% to $9.83, with its market cap declining to $5.08 billion. Trading volume in the last 24 hours stood at $340.31 million. Despite this pullback, Aptos remains in a bullish flag pattern, signaling potential for another breakout.
Earlier, Aptos surged to $11.13, driven by an increase in total value locked (TVL) and strategic partnerships.
New Partnerships Drive APT Price Surge
Aptos’ integration with the decentralized finance platform Echo Protocol is one of the main reasons for the price increase. This integration, completed on Oct. 21, enables Echo Protocol users to earn up to 10% returns in APT. This expansion of Aptos’ use cases attracted more users and increased the demand for the token.
Further driving the rally, Aptos formed a strategic partnership with crypto exchange MEXC. In addition, this collaboration has increased staking activity on MEXC. Users can earn up to 20% annual percentage return (APR) by locking their APT tokens for 30 days. Staking reduces the circulating supply, applying upward pressure on the token’s price.
Technicals Show Potential for More Gains
Pseudonymous analyst AMCrypto, observed a bullish flag pattern forming, suggesting that APT’s price could break out above $10.5, with projections targeting a short-term move toward $12.50. The price had already surpassed this resistance, trading at $10.92.
Moreover, Aptos is showing signs of a broader trend reversal. Its 50-day moving average recently crossed the 200-day moving average, forming a golden cross—a bullish indicator in technical analysis. Additionally, the Relative Strength Index (RSI) has stayed above neutral since mid-Sept., signaling sustained interest from investors.
Meanwhile, open interest in futures has also increased, reaching a six-month high of $274 million, signaling growing confidence among traders.
APT’s momentum is supported by its performance metrics, including its TVL, which reached an all-time high of $2.15 billion.
Above all, as Aptos strengthens its position in the DeFi space and builds new partnerships, traders are watching its next moves closely. A breakout from the bullish flag pattern might spark another rally, potentially driving prices higher in the coming months.
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