- Aptos just experienced a significant increase in network activity.
- Is APT approaching its lowest range?
The Aptos [APT] Blockchain has caused some excitement lately, despite the recent turmoil in the crypto market. The latest report revealed a healthy spike in network activity, prompting investigation into the potential impact on its native cryptocurrency, APT.
The Aptos network announced that it saw a 27% increase in transactions last week, peaking at 14.6 million. The total number of unique users rose above 20 million, while the average was at least 1 million active users.
This announcement came within days of the network announcing it USDY integration. A development aimed at attracting institutional investors.
The reported outcome suggests a positive response from the Aptos community. An outcome that saw the Aptos TVL briefly rise above the $400 million mark before the price diluted due to the market crash.
However, Aptos TVL is currently at an all-time high of 66.51 million APT.
Source: DeFiLlama
A deeper dive into the network’s statistics revealed some interesting findings. According to DappRadarAptos’ daily transactions peaked at 580,690 on Sunday.
This was the highest number of daily transactions recorded in the last 30 days. During the same session, there was also a spike in the number of unique active wallets (UAWs).
The number of UAWs increased by more than 135,000 compared to the previous day.
Source: DappRadar
APT lends itself to the bears
While Aptos has experienced an increase in healthy activity and TVL, these developments have not reflected in APT’s price action. The cryptocurrency ended July on a bearish note and extended its downtrend over the weekend.
To put things into perspective, APT has been on a downward spiral for the past nine days. It fell 43% from the July high to the recent low of $4.32. APT was exchanging hands at $4.61 at the time of writing.
Source: TradingView
APT’s current position represents a 76% discount to its YTD high. Press time levels pointed to the possibility of a bullish recovery. This was further supported by the oversold price according to the RSI.
APT bulls have struggled to rally since April. The recent developments in the network could accelerate things and possibly influence the prospects for the coming months.
Read Aptos’ [APT] Price forecast 2024-25
However, current performance is heavily influenced by the overall bearish market conditions. This also meant that a potentially longer bearish performance for the crypto market could result in lower APT prices.
It is worth noting that APT was close to its lowest historical range at the time of observation. Consequently, a revival of bullish momentum could fuel a robust recovery.