Aptos (APT), the L1 blockchain platform, is experiencing a remarkable uptrend, with its APT token nearing its all-time high. In the past week alone, APT jumped 20%, showcasing bullish momentum.

Aptos on the Rise: A Look at the Metrics

This surge comes despite recent market corrections. Since March began, APT boasts an impressive 94% growth, propelling it to the 23rd position among the largest cryptocurrencies by market value. Currently, APT holds a market value of $7.3 billion, a significant increase from $4 billion at the start of the month. Trading volume has also skyrocketed, reaching $542 million in the last 24 hours, a 90.70% rise.

Aptos Ecosystem Shows Positive Signs

Aptos’ user base is also expanding. According to Token Terminal, ownership has grown by 3.4% to reach 11.79 million in the last 30 days. Additionally, generated fees surpassed $209,160 during the same period, reflecting a growth of 87.8%. Trading volume has also seen a notable increase, reaching $10.82 billion in the last 30 days, a jump of 178.2%.

Partnership with Movement Labs Boosts Optimism

Aptos’ recent collaboration with Movement Labs to integrate its Data Availability Layer with the Move Stack is a promising development. This partnership aims to enhance interoperability with Ethereum-based applications, increasing Aptos’ accessibility and utility within the crypto space. The announcement of this partnership coincided with a surge in trading volume, indicating heightened investor interest.

Analysts Bullish on APT’s Future

Analysts project a continued bullish trajectory for APT, with estimates suggesting a rise to $16.55 by the end of March. Aptos’ position in the DeFi space, with its decentralized exchange (DEX) and suite of DeFi solutions, further strengthens its potential to revolutionize financial services.

APT Chart Analysis Hints at Further Uptrend

The daily APT/USD chart reveals no immediate resistance levels, suggesting a potential breakthrough to the $20 milestone and a possible all-time high for the token. However, for this uptrend to be sustainable, investor confidence and the ability to hold onto gains are crucial.

APT/USD Technical Analysis

The weekly chart showcases a strong bullish reversal “V” pattern, highlighting APT’s recent price surge. Five consecutive bullish weekly candles indicate significant growth over the past five weeks. Currently, trading above all moving averages with an RSI above 70, APT exhibits strong bullish sentiment. While only 25% away from its all-time high, a sustained break above the $20 resistance level could propel APT towards a target of $23, with the possibility of a short-term rally to $30.

However, a potential trend reversal could lead to a retest of the $17 support level. If this fails to hold, a decline to the crucial $15 level could be triggered. Looking back at January 2023, similar price rejections resulted in a significant drop. The question remains: will APT break the hurdle and reach new highs, or will it follow the pattern of previous trends?

Support Levels to Watch

Should profit-taking occur, it’s important to monitor the next significant support level at $17.36. Breaching this level could lead to further support at $16.31. As long as the $12.14 support level holds and bulls maintain dominance, the uptrend is expected to continue. A sharp 30% drop, however, could reverse the trend.

Long-Term Predictions

Coin Gabbar analysis predicts an optimistic future for APT, with a potential reach of $50 by 2030 and a surge to $100 by 2040.