Aptos, a leading layer-1 network, is demonstrating resilience as its token hovers near its lowest level in 2023.
The Aptos (APT) token was trading at $5.90, which is just above the year-to-date low of $4.60 and approximately 62% lower than its peak in December.
Despite the recent price decline, Aptos’s ecosystem is expanding. The total value locked (TVL) in the Aptos network has surged to $1.06 billion, with Aries Markets, a prominent lending protocol, holding over $391 million in assets. Echelon Market and Cellana Finance follow, with over $178 million and $26.7 million, respectively.
Other notable liquid staking platforms within the Aptos ecosystem include Amnis Finance, Echo Protocol, and Thala.
Additionally, the stablecoin market cap on Aptos has exceeded the $1 billion mark for the first time, indicating increased user engagement with decentralized applications across the network.
Aptos’s revenue is on the rise as well, having reached a record high of $205,000 in February and currently standing at $201,000. While these figures are lower than those of competing chains, Aptos attracts users with its lower transaction fees.
Aptos Price Technical Analysis
The daily chart reveals that APT has been in a significant downtrend over the past few months, falling from November’s high of $15.3 to a low of $4.93 this month.
Aptos currently trades below the 50-day Exponential Moving Average, indicating bearish control. However, it has established a large double-bottom pattern with a neckline at $15.3, a bullish reversal signal.
This suggests a potential rebound for APT in the coming days, with the next key target positioned at $12.13, representing an approximate 105% gain from the current level.
