Aptos (APT) Price Shoots 12% As TVL Hits $920M New All-Time High

Aptos price has made headlines with a significant 12% price surge, driven by a spike in staking activity on the MEXC exchange. The prominent Layer-1 blockchain has caught the attention of investors as this recent increase has pushed it above crucial resistance levels on its daily chart. Additionally, Aptos’ decentralized finance (DeFi) ecosystem has reached a new milestone, with its Total Value Locked (TVL) hitting an all-time high of $920 million. This combination of strong staking demand and DeFi growth has positioned Aptos for continued bullish momentum.

The APT price today is $11.05, which represents an 8.6% increase in the last 24 hours.

MEXC Staking Surge Fuels 12%  Surge in Aptos Price

The primary catalyst behind the recent APT price increase is the surge in staking activity on the MEXC exchange. 

🚀 $APTOS @Aptos Harvest is LIVE – Reap the $1.5M in rewards 🚀

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— MEXC (@MEXC_Official) October 21, 2024

Staking allows investors to earn rewards by locking up their tokens, which reduces the circulating supply and can drive up the price. The increased demand for staking Aptos on MEXC has created upward pressure on the price.

Traders on MEXC will share in a $1.5 million reward pool for staking their APT tokens with up to 20% APR if they lock the tokens for 30 days. 

The Aptos price spike marks a notable recovery from its recent low of $9.61 last week. However, the broader crypto market is down 3.3% after the Bitcoin (BTC) price showed weakness around and dropped to the $66,000 level.

What’s Next For APT Price?

The Aptos price chart shows a strong upward trend from the lows around $5.50 in September, with a series of higher lows and higher highs. The recent price action has broken above key resistance around $9.00, confirming bullish momentum.

The next major resistance is around $15.00, followed by the higher target of $19.00 based on the bullish structure’s 76.41% measured move. Based on the technical breakout from the previous resistance level and the projected target from the current structure, a sustained rally could take the price beyond $19.00.

On the flip side, Aptos price could retest the $9.00 support area before continuing higher. A confirmed bounce off this level could lead to further gains. However, if the price falls below this support, it could test the $7.45 support, which coincides with the top of the range. Below that, the current bullish thesis will be invalidated.

Can Aptos Price Reach $19?

The chances of the APT price reaching $19 are high. Aptos has been making significant strides in its technological advancements. The integration of Chainlink Data Feeds and the launch of the Shoal++ consensus protocol have enhanced the network’s performance and reliability, bolstering investor confidence and contributing to the price increase.

Positive sentiment around Aptos price has been growing, partly due to its strong performance in the decentralized finance (DeFi) sector. Santiment data shows social volume grew by about 127% in the last 24 hours, showing investors interest is gaining traction.

Moreover, DeFiLlama data shows the total value locked (TVL) in Aptos’ DeFi ecosystem increased significantly, hitting an all-time high of $920 million. This indicates growing adoption and usage, a positive sentiment that has likely contributed to the recent price surge.

Most notably, the overall cryptocurrency market has been recovering after the Bitcoin price surged above $69,000 for the first time in about three months. While the BTC price is currently in correction, some altcoins, including Aptos, are surging.

This is likely because investors are directing profits locked from Bitcoin into APT. Hence, Aptos price is likely to surge to $19 in the coming days or weeks.