Can Aptos Price Hit $20 Amid Soaring Network Activity?

Aptos price looks promising after the asset broke out of an extended consolidation zone. APT price today is 1.1% up, trading at $8.28, while the entire crypto market is down 5% due to Bitcoin price sliding below the $60,000 mark late on October 3. Onchain metrics suggest that APT price is headed for higher highs as derivative traders turn overwhelmingly bullish on the asset. Is $20 the next stop for Aptos?

Will Soaring Network Activity Push Aptos Price Growth?

Aptos network has been gaining traction lately, with several key metrics reaching new highs. According to data from Aptos Scan, Aptos has achieved a monthly high in network speeds as user transactions per second (TPS) soared to 1,051 on October 3. 

This indicates that transactions are being processed quicker and more efficiently on the network, which is crucial for maintaining user satisfaction and attracting new investors in the network. Growing network speed is a bullish signal for Aptos price.

Further, the number of daily active accounts (DAA) on the Aptos network ranges at monthly highs, hitting 3,750,939 on October 3. The surge in DAA reflects increasing interest and engagement with the platform, which can translate to bullish sentiment for Aptos price.

The price of APT has seen gradual increases over the period coinciding with the network’s growth. However, the recent announcement that Franklin Templeton has launched an on-chain US Government Money Market Fund (FOBXX) on Aptos Network could send the price of APT soaring to $20 and beyond. 

APT Price Analysis: Clear Skies to $10, and Maybe $20

APT price is moving upward after a long-term downtrend and consolidation. The price trades above the 50-day and 200-day exponential moving averages (EMA), a bullish indicator. 

Aptos price action has recently broken out of a consolidation range, suggesting bullish continuation, especially if it can close above $8.55.

APT may encounter resistance at $10.7, aligned with the previous highs. Beyond that, $19.00 is the next major resistance, as seen on the chart’s upper target.

On the flip side, $7.70, the current price floor, is acting as immediate support, while $7.11 shows a more substantial support area supported by the 50-day EMA.

The Relative Strength Index (RSI) is currently at 64.24, nearing the overbought region (70+). This suggests some room for further upside but signals caution for potential overextension in the short term.

If Aptos price fails to hold above the top of the range, it may signal weakness, and the asset could fall back into the range, disqualifying the breakout as a fakeout. Aptos may find further support lower, around $5.5.