Aptos sees recovery rally as key on-chain metrics improve

Aptos is trading at $4.85, up roughly 10% in the past 24 hours, as bulls try to regain control following a period of consolidation. 

The recent uptick appears supported by improving network fundamentals and a shift in sentiment. According to DeFiLlama data, the network’s on-chain growth has been accelerating. Monthly decentralized exchange volume on Aptos (APT) has climbed steadily, from $690 million in January to $2.9 billion in May. It has already surpassed $3.46 billion with 6 days remaining in June. 

At the same time, the total stablecoin market cap on the network has more than doubled, rising from about $650 million at the start of the year to over $1.4 billion. While total value locked has dipped slightly from May’s high of $1.28 billion, it remains solid at around $1 billion. 

Activity on the network is also picking up. Weekly active addresses in June are averaging close to 1 million, rebounding sharply from April’s low of 644,000. This expansion suggests that more users and developers are engaging with the network.

Recent ecosystem developments have contributed to the improving sentiment. On June 24th, Aptos Labs and Jump Crypto launched Shelby, a decentralized hot storage solution for high-frequency web3 use cases like streaming and artificial intelligence.

Meanwhile, the $10 million Ankaa Fund, backed by Aptos and OKX Ventures, announced plans to support Move-based projects in DeFi, wallets, and gaming. Aptos has also completed the transition to an updated Fungible Asset standard to improve token security and management. 

Further validation came from the Wyoming Stable Token Commission, which ranked Aptos and Solana (SOL) jointly at the top in a review for the WYST stablecoin initiative.

On the technical side, Aptos is attempting to break out from a recent base. The price has pushed above the upper Bollinger Band on strong volume, a move often seen as bullish if supported by continued strength above the mid-band. Although momentum indicators are still mixed, positive signs are emerging.

The relative strength index is at a neutral 52.78, and the MACD has flipped into a buy signal. Bulls are also benefiting from shorter-term moving averages, as the price is currently above the 10-, 20-, and 30-day averages. The longer-term and 50-day averages continue to act as resistance.

Aptos may open the path toward $5.20 and higher if it can hold support above $4.60 and recover the $5.00 level. A retest of $4.50 or even $4.20 could occur if current levels are not maintained, especially if the strength of the market as a whole wanes.