In an impressive rally, Aptos (APT) has soared by over 10% in the past 24 hours, driven by Aptos Labs’ recent acquisition of HashPalette. This move has positioned the token as the leading gainer among the top 100 cryptocurrencies by market capitalization, drawing significant attention from investors and analysts alike.
Expanding Aptos’ Presence in Asia
On Thursday, Aptos Labs, the innovative force behind the Aptos network, announced a groundbreaking agreement to acquire Japanese blockchain developer HashPalette. As a key player in Japan’s blockchain space and a subsidiary of HashPort Inc., HashPalette operates the renowned Palette Chain. This acquisition is hailed as a potential “game changer” for both Japan and the Aptos ecosystem, aiming to bolster its influence within the Asian market.
Japan continues to be a global leader in technological advancements, and its strong emphasis on blockchain technology makes it an ideal market for Web3 initiatives. With this strategic acquisition, Aptos Labs is making a significant move into this thriving market.
As part of this strategic acquisition, HashPort Inc. will migrate the Palette Chain and its associated applications to the Aptos Network. This integration will allow the Japanese blockchain to leverage the robust security, scalability, and developer tools of the Aptos ecosystem. The migration is slated for completion by early 2025, coinciding with the highly anticipated EXPO2025 DIGITAL WALLET. Furthermore, Aptos Labs is collaborating with HashPort to nurture local developers, NFT creators, and enterprises by building blockchain solutions using the Aptos Network’s infrastructure.
APT Outshines the Crypto Market
Following this major announcement, APT’s price experienced an 11% daily surge, reaching the $8.66 resistance level before slightly retracting to $8.51. This remarkable performance has crowned the token as the leading crypto asset amidst a market-wide retracement. APT stands out as one of the few cryptocurrencies to consistently record positive growth across various timeframes among the top 100 tokens by market cap. The altcoin has posted a 7.5% increase over the past week and an impressive 41% surge over the last month.
Additionally, APT’s daily market volume surged by 41.7%, reaching a staggering $769.6 million in the last 24 hours. This exceptional performance has captured the attention of numerous crypto analysts, with many asserting that APT currently boasts the “most interesting chart” in the market.
Analyst Insights and Market Outlook
Yuriy from BikoTrading notes that APT looks robust, with rising trading volume and price performance indicating potential continued growth. The trader highlighted that APT’s price has remained above a key resistance zone during the market retrace, propelling it above Q3’s range highs.
Similarly, crypto trader Osbrah has observed that APT has been “secretly climbing its way” to become one of the most intriguing altcoins. Following a market sweep on October 1, the token underwent a “clean bullish retest” above the $8 mark. Osbrah suggests that the next significant resistance level lies at $9, which, if not reclaimed, could see APT retreat to the $7.95 support zone.
Meanwhile, another market observer believes that the altcoin’s performance is nearing a potential breakout, suggesting a bullish phase could be imminent.
APT and SUI: A Year in Review
Looking back at the past year, both SUI and APT have followed a “catch-up trade” trajectory, moving closely together until SUI decoupled in early 2024. This decoupling resulted in a 44-day lag for APT before it mirrored SUI’s movements. Subsequently, APT experienced a remarkable 98% rise to reach its annual high of $18.8 in mid-March.
Currently, APT is enduring a 32-day lag following SUI’s recent decoupling in September, showcasing “incredible amounts of strength.” Analysts suggest that if historical patterns hold, APT could soon embark on a significant rally, potentially aligning with SUI’s upward trajectory in the coming weeks.
As Aptos continues to capture attention with its strategic moves and impressive market performance, the cryptocurrency community eagerly awaits further developments.
