Aptos is buckling the broader market trend with its growth amid a major staking product activation on top exchange
Aptos (APT) price rose 12% in just 24 hours despite a tempered outlook in the general crypto market. This has raised questions about what is propelling optimism in the Aptos ecosystem.
Factors Behind the Aptos Surge
Aptos latest trend pushes the price above the key resistance level on the daily chart. The primary factor contributing to the latest uptrend in Aptos is the spike in staking activity on the MEXC exchange.
Staking in crypto is the practice in which users lock their digital assets in a blockchain network over a period. In exchange, users receive rewards, usually a percentage of the tokens staked. Staking reduces a token’s circulating supply, potentially driving up the price.
For Aptos, the increased demand for staking the token on MEXC has created upward pressure on the price. MEXC has released a $1.5 million prize pool for traders staking Aptos. Traders can receive up to 20% Annual Percentage Rate (APR) if they lock the APT tokens for 30 days.
Additionally, Aptos witnessed a new milestone in its Decentralized Finance (DeFi) ecosystem. Notably, Aptos’ Total Value Locked (TVL) reached an all-time high of $920 million. This can indicate a higher usage rate of the protocol, which is likely contributing to the increased demand for Aptos.
Prospect For Aptos In The Nearest Future
Aptos price spike marks a notable rebound from last week’s low of $9.61. With its latest price action, Aptos is an outlier in the broader crypto market which is down 3.3%. Bitcoin’s (BTC) price continues to show weakness around the $66,000 range.
On the other hand, the combination of robust staking demand and DeFi expansion has set Aptos up for a more bullish rally. Aptos’ recent price action broke above key resistance around $9.00, further confirming the bullish momentum.
In the past 24 hours, Aptos rose 12% to $11.01. The trading volume also increased by an amazing 115.05%, suggesting investors’ willingness to buy more APT..
Based on the bullish structure’s 76.41% measured move, the next major resistance is around $15, followed by a higher target of $19.
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