APT secured the top gainer spot on Oct. 22 amidst a surge in total value locked in the protocol.

Aptos Price Surge

Aptos (APT) experienced a 9% increase in the past 24 hours, reaching a daily high of $11.13 at the time of writing. Its market cap has surpassed $5.7 billion, with a daily trading volume exceeding $597 million.

This price rally followed the altcoin breaking out of a tight trading range of $9.7 to $10.1, where it had been trading for the past five days. During the early trading hours on Oct. 22, a significant price movement occurred, pushing its price from $10.10 to $11.12.

Key Partnerships and Developments

Several recent partnerships and developments have contributed to this rally.

Firstly, Aptos integrated with Echo Protocol, a decentralized finance platform, on Oct. 21. This integration increased the total value locked (TVL) in Aptos to $150 million. The integration allows Echo Protocol users to earn returns of up to 10% in APT, further enhancing the altcoin’s use cases.

According to data from DeFi Llama, Aptos’ TVL currently stands at an all-time high of $2.15 billion, making it the 7th largest blockchain in the DeFi industry. This surpasses its competitor Sui, which has a TVL of $1.64 billion.

Additionally, Aptos announced a strategic partnership with the crypto exchange MEXC. This collaboration will involve joint initiatives aimed at promoting APT through a series of events.

Market Trends and Community Sentiment

These developments have sparked renewed interest among traders. Data from CoinGlass indicates that open interest in the futures market surged from $213.9 million to $274 million within the last 24 hours, marking a six-month high. This sharp rise suggests traders are expecting the rally to continue in the short term.

The community sentiment metric on CoinMarketCap also signals a similar outlook, with the majority of traders expressing a bullish sentiment.

Technical Indicators Signal More Upside

On social media platform X, pseudonymous analyst AMCrypto observed that Aptos is forming a bullish flag pattern. This pattern is supported by increasing TVL, a surge in daily active users, and smart money quietly accumulating the token. According to the analyst, these factors indicate strong fundamentals and technical momentum, positioning Aptos for a potential breakout to new all-time highs in Q4.

“A breakout above the $10.50 resistance level would confirm the bull flag,” noted AMCrypto.

At the time of writing, APT had already surpassed this level, priced at $10.96. As such, the APT could be rallying toward a short-term price target of around $12.50 as projected by AMCrypto.

Moving Averages and RSI

On the 1D APT/USDT chart, the 50-day moving average had crossed the 200-day moving average, leading to the formation of a golden cross. This is a sign of a major trend reversal to the upside in technical analysis.

Moreover, the Relative Strength Index (RSI) has been above the neutral position since Sept. 18, suggesting sustained interest from investors and supporting the overall bullish narrative.

As the bulls continue to maintain control and with the recent golden cross signaling a longer-term uptrend, APT could push toward higher resistance levels, with the next target potentially around $11.08, marked by the upper Bollinger Band.

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