In a remarkable shift, Aptos (APT) has witnessed a significant 37.6% increase over the past two weeks, regaining its levels from the first quarter of the year. This rise has caught the attention of market analysts, who see it as potentially following the path blazed by SUI. The anticipation is building for a possible rally that could push Aptos towards a new all-time high (ATH) in the upcoming weeks.
The Influence of SUI on Aptos’ Trajectory
Amidst the broader market rally, Aptos has emerged as a standout performer. The recent US presidential elections seem to have acted as a catalyst, propelling the cryptocurrency from the $7.8 mark to reclaim the $11 support level — a feat not achieved since late April. Some crypto analysts have observed patterns in APT’s chart that mirror those of SUI, suggesting that a significant breakout could be imminent.
Analyzing APT’s Chart Patterns
Crypto analyst Alex Clay has highlighted that APT’s price action closely follows that of SUI. He points out that Aptos has displayed a similar movement, starting with a decline from its 2023 highs, followed by an ascent towards the highs seen in March. This pattern includes a retracement of over 70% after Q1, forming a higher low (HL) from last year’s bottom and rising near March highs.
SUI, on the other hand, has already moved into “price discovery mode,” having surpassed its March ATH last month. The token has consistently exceeded its previous highs, recently setting a new ATH of $3.92. With these developments, analysts suggest that investors might want to “wait for APT to breakout and enter price discovery.”
Potential for APT’s Market Surge
Another market observer noted that SUI and APT have been on a “catch-up trade” trajectory over the past year. The cryptocurrencies have followed similar paths until SUI “decoupled” twice, leading to its significant rise. After SUI’s takeoff, APT experienced a lag of over 40 days before resuming its ascent. Currently, Aptos seems to be on the verge of catching up with SUI, coinciding with the post-election momentum. A breakout akin to SUI’s could propel APT beyond the $18 mark and into a price discovery zone above $20.
APT’s Ambition to Hit $20
Crypto analyst Quinten has emphasized APT’s recent achievements, noting its ability to “reclaim its dominance” by printing consistent higher highs and higher lows. The token’s chart indicates “strong accumulation,” which has set the stage for an “explosive breakout.”
Last week, APT surged over 40% to reach a monthly high of $13.3 — a level not seen in seven months. Since then, it has entered a consolidation phase, fluctuating between the $11.5 and $12.6 range, albeit temporarily dipping when Bitcoin (BTC) retreated towards $87,000.
Breaking Through Resistance
Throughout the third quarter, the $11 mark posed a significant resistance, with APT being rejected multiple times. However, the token has managed to hold above this level for seven consecutive days, reinforcing its bullish momentum. Analysts believe this momentum could drive Aptos to a new ATH, with the “next big psychological and technical target” set at $20.
As of the latest data, APT is trading at $11.79, reflecting a 2.2% decline in the daily timeframe. However, the overall outlook remains optimistic as Aptos continues to chart a promising path forward.
Conclusion
Aptos (APT) has demonstrated a robust performance in recent weeks, suggesting potential for further growth if it continues to follow the path of SUI. With market analysts closely monitoring its progress, Aptos could soon reach new heights, presenting exciting opportunities for investors and traders alike.
