Aptos Price has remained under pressure this year even as the network has seen strong on-chain metrics.
Aptos (APT) fell to $8.35 on Sunday, its lowest level since November 5 of last year. It has crashed about 45% from its November highs.
Aptos has strong on-chain metrics
Third-party data shows that Aptos is doing well as its ecosystem continues to grow. According to Nansen, the number of active addresses on Aptos has continued to grow in the past few months. It has more than 1.2 million active addresses, up from less than 100,000 in August last year.
More data shows that the number of transactions at Aptos has continued to rise this year. Its 30-day transactions jumped more than 30% to 156 million.
Meanwhile, the overall value in its ecosystem continued to rise.
according to Devi Lamathe network has a total value of more than $1.05 billion. Aries Markets, Echo Protocol, Amnis Finance, and Thala are the biggest players in its ecosystem.
Sui also has over $792 million in StableCoinsand Higher than SUI: $465 million. Stablecoins such as Tether and Coin USD are widely used in the Defi, NFT, and Gaming industries.
Aptos Top Networks is also seeing greater volume in the decentralized exchange industry. The volume has jumped in the last seven days to $133 million, with Thala, Liquidswap, and Cellana Finance being the largest players in the ecosystem.
Technical analysis of Aptos Price
The APT token peaked at $15.40 on December 7 and has now crashed to around $8. It broke below the 50-day moving average and key support at $10.53, its swing low on December 9.
On the positive side, Aptos formed a falling wedge chart pattern consisting of two falling and converging trend lines. These two lines are approaching their meeting points, which often results in a strong breakout.
The MACD and RSI indicators have formed a bullish divergence pattern. This divergence occurs when the two indicators rise when the price is in a downtrend.
Therefore, the coin is likely to have a strong bullish breakout, with the initial resistance point to watch at $10.53. A break above this level would increase gains, with the next point at $15.40, 85% from the current level.
