Can Aptos On-Chain Growth Boost APT Crypto Price?

Aptos On-Chain Growth, Will APT Price Follow Same?

According to Odaily, a data analyst shared the latest on-chain metrics of Aptos, revealing a surge in activity. The weekly stats update for Aptos showed 11.6M transactions, 722.5k active users, and the addition of 398k new users. Additionally, there were 266 active contracts, with 15 new contracts, and 4.5k NFT sales. 

Source: X

The transactions surpassed 1B in total, with an average Transactions Per Second (TPS) of 19.1, highlighting the robust activity on the Aptos blockchain. The current $APT price is $5.9, and the network boasts 140 active nodes and 266 active contracts, contributing to its robustness. 

Furthermore, more than 2.7M blocks have passed, and there were over 4.5k NFT sales. The report also mentioned the significant activity of buyers, represented by 534 NFT.

Aptos price prediction: What Happening In APT Price?

The Aptos (APT) price has been in a bearish trend for quite some time. It was last seen at $19.52 before entering a bearish momentum. Currently, the APT price is trading below the important 50-day and 200-day moving averages, indicating a bearish trend.

As of now, the Aptos (APT) price is at $6.04 with a 0.33% increase during the day. Its market cap stands at $2.75 billion, with a 24-hour trading volume of $89.18 million.

Over the past week, Aptos crypto has experienced a decrease of about 12.81%. In addition, the coin has fallen by almost 29% in the last month and 50% in the last 3 months, resulting in a negative return of 35% over the last 6 months, indicating strong selling pressure on APT price.

The relative strength index (RSI) reflects a bearish view of the price momentum, indicating increased selling compared to buying. The RSI is currently at 38.14, below the 50-mark middle band.

According to the trading view technical summary, out of 26 indicators, 15 are on the sell side, 10 are neutral, and 1 is on the buy side. More than 50% of the indicators suggest selling in the crypto, indicating bearishness in APT price.

If the Aptos price successfully breaks above the key moving averages and maintains its position, it might indicate a bullish reversal.

Conclusion

The on-chain growth and activity for Aptos are promising, with a significant number of transactions, active users, and smart contracts, the current market sentiment for APT remains bearish. The price of APT has been trending downwards, trading below key moving averages and experiencing a consistent decline over various time frames. The technical indicators, including a low RSI and a predominance of sell signals, further support the bearish outlook.

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