NEW DELHI (CoinChapter.com) — Layer 1 blockchain platform Aptos (APT) continued accumulating gains in 2024 despite a stutter on Jan 3. Aptos developments and partnerships likely drove APT coin price higher, helping the token spike over 19% in 5 days to reach $11 on Jan 5.
A combination of factors contributed to the heightened market confidence and investor interest in APT.
Key Drivers Behind Aptos’s Price Surge
Aptos’s partnerships in 2023 helped increase the development activity on the blockchain platform.
Major partnerships include Microsoft integrating Azure AI features into Aptos, Google Cloud running an Aptos validator, Alibaba Cloud expanding the Web3 developer community, and SK Telecom developing a Web3 wallet service.
These partnerships could be one of the drivers behind the increased activity on the Aptos blockchain. User transactions rose from 494,000 to 575,000 between Jan 1 and Jan 5. The spike in transactions and active accounts suggested growing user engagement in the Aptos ecosystem.
Additionally, Aptos saw increased growth in TVL, soaring from $60 million to surpass $122 million.
Besides partnerships, Aptos continues to introduce new developments in its ecosystem.
After Aptomingos, an NFT project built on the Aptos blockchain, shared a “summarized version” of its community’s plans for 2024, the blockchain platform shared that it would be introducing more NFT projects.
Developments in DeFi would likely help Aptos see more gains in 2024. Zach Roth, Ecosystem Manager at Aptos Labs, shared that the firm is now at the protocol stage in launching DeFi apps.
“So as more protocols develop, more protocols launch, more competition happens, I think there’s gonna be more composability opportunities for everybody to benefit the user, the network, the developers.“
Zach Roth Ecosystem Manager, Aptos Labs
Other projects in the Aptos ecosystem also had a successful 2023 and will likely continue their run in 2024. More partnerships and development of Aptos would help drive the ecosystem’s growth and increase the demand for APT tokens.
APT Price Pushes Higher As Bulls Refuse To Back Down
Meanwhile, APT price spiked 9% on Jan 5 to reach a daily high near $10.9. The Aptos token continued its rally from Jan 4, which saw APT price rally over 26% from the day’s low near $8.8 to reach its highest level since May 2022.
APT price is facing stiff resistance near the $11.2 level.
Breaking above the immediate resistance could help APT price rally to the resistance near $13, while a rejection could lower Aptos price to the support near $9.8. Breaching the immediate support might result in APT price testing the 50-day EMA (purple wave) support near $8.5.
The RSI for APT remained neutral, with a score of 62.31 on daily charts.
