Technical Analysis Predicts Breakout Above Key Resistance Zone

• Technical analysis predicts a breakout above the $18-$20 key resistance zone, potentially pushing Aptos up to $34.
• APT’s market sentiment appears bullish, with the network’s on-chain growth experiencing a 10x surge within a year.

Aptos (APT) has attracted significant investor attention following remarkable network adoption and growth. The altcoin is consolidating inside a bullish flag, indicating a potential breakout and price uptrend.

At press time, APT traded at $5.44, reflecting an 11.22% price increase according to CoinMarketCap. Trading volume surged by 29.91%, indicating heightened network activity in the last 24 hours.

Aptos’ Bullish Flag and Price Action

APT has been trading within a slightly downward-sloping channel following a previous uptrend, with recent price consolidation forming a bullish flag pattern.
In the past 24 hours, the price tested the $5-$6 key support zone before initiating an uptrend, as shown in lower timeframes.

If bullish momentum persists, the uptrend could breach the $18-$20 key resistance zone. According to an analysis by Solberg Invest on X (formerly Twitter), a break above this key level could propel the altcoin toward $30 and eventually to $34.

On-Chain Growth: APT’s Surge in Adoption

In addition to rising transaction volume, Aptos has seen its active accounts grow tenfold, increasing from 1.6 million to 15.8 million over the past year, showcasing exponential network adoption according to Aptos Nerd.

Are Traders Positioning for a Bullish Breakout?

Currently, APT’s 24-hour Relative Strength Index (RSI) is at 42, gradually rising to 58 on the 4-hour timeframe, based on Cryptowaves data.
Moreover, the altcoin’s long-to-short ratio of 2.79 suggests that investors have been actively buying APT in the past 24 hours, evidenced by its surging trading volume.
Bullish momentum is corroborated by an 18.47% increase in Aptos’ open interest across major exchanges.

So, What Next?

Aptos features a utility-driven ecosystem promising a bright future and increased adoption, thus boosting investor confidence in recent months. As a result, APT’s upward trend could lead to a breakout above the $18 key resistance.
Should the bullish momentum endure, Aptos could rally to $30 and beyond. Conversely, if it fails to break through this critical resistance level, APT may retest its support zone within the flag, staying poised for another attempt in the following weeks.