Aptos Price Surges 12%, Driven by MEXC Staking Activity

Aptos Price Surges 12%, Driven by MEXC Staking Activity

Aptos has made waves in the cryptocurrency market with a notable 12% price surge, fueled by a sharp increase in staking activity on the MEXC exchange. The Layer-1 blockchain has captured investors’ attention as this price jump pushed it above crucial resistance levels on its daily chart. Furthermore, Aptos’ decentralized finance (DeFi) ecosystem has reached new heights, with its Total Value Locked (TVL) hitting an all-time high of $920 million. This combination of strong staking demand and DeFi growth has set Aptos up for continued bullish momentum.

Currently, the APT price stands at $11.05, marking an 8.6% increase in the last 24 hours.

MEXC Staking Drives Aptos Price Increase

The primary driver of this recent APT price rally is the surge in staking activity on the MEXC exchange. Staking enables investors to earn rewards by locking their tokens, which reduces the circulating supply, creating upward pressure on prices. The increased demand for staking Aptos on MEXC has significantly contributed to the price uptick.

MEXC traders who participate in staking can share in a $1.5 million reward pool, with up to 20% APR for locking their APT tokens for a 30-day period.

This recent price spike represents a solid recovery from Aptos’ recent low of $9.61 just a week ago. However, it contrasts with the broader cryptocurrency market, which is down 3.3%, following Bitcoin’s (BTC) recent drop to the $66,000 level.

What’s Next for APT Price?

The Aptos price chart reveals a strong upward trajectory, starting from the September lows around $5.50. The pattern of higher lows and higher highs signals bullish momentum, with the recent price action breaking above key resistance at $9.00.

The next significant resistance level for Aptos is at $15.00, followed by a potential target of $19.00, based on a 76.41% measured move from the current bullish structure. If Aptos continues to rally from this breakout, the price could potentially surpass $19.00 in the near future.

On the downside, Aptos may retest the $9.00 support level before resuming its upward trend. A bounce from this support could lead to further gains, but a breakdown below $9.00 could see Aptos testing the $7.45 support zone, which would challenge the current bullish outlook.

Will Aptos Reach $19?

The likelihood of Aptos reaching $19 appears strong. The blockchain has made significant progress in its technological developments, including the integration of Chainlink Data Feeds and the launch of the Shoal++ consensus protocol, both of which have improved the network’s performance and reliability, boosting investor confidence.

Investor sentiment around Aptos is also positive, driven by its solid performance in the DeFi sector. Data from Santiment shows a 127% increase in social volume over the past 24 hours, reflecting growing interest in Aptos. Additionally, DeFiLlama data reveals that Aptos’ DeFi TVL has surged to an all-time high of $920 million, indicating increased adoption and usage of the platform.

Moreover, the overall cryptocurrency market has seen a rebound, with Bitcoin recently hitting $69,000 for the first time in three months. While Bitcoin has since corrected, altcoins like Aptos are benefiting as investors shift profits from Bitcoin into other assets like APT. As a result, Aptos is likely to continue its upward trajectory, potentially reaching $19 in the coming days or weeks.