Aptos user transactions hit record high, APT eyes over 20% gains

Source Fxstreet
May 26, 2024 07:04
  • Aptos user transactions hit 97.488 million on Friday, May 24, hitting a new milestone for APT. 
  • User transactions per second reached 27,000, another record for the public blockchain. 
  • APT price sustained nearly 6% gains in one week, on Binance. 

Aptos (APT) user transactions in a single day reached 97.488 million, according to data from Aptoscan. The number of user transactions and Transactions Per Second (TPS), both metrics hit a record high, supporting the thesis for price gains in APT.

The rise in transaction-related metrics can be attributed to Tapos, a viral clicker game where users can earn rewards. 

Aptos eyes 20% gains in APT price

Aptos is a Proof-of-Stake (PoS) blockchain developed by former Facebook employees with a primary focus on delivering a faster and secure chain for smart contracts. APT hit 97.488 million transactions in a single day, on account of the Tapos game in the ecosystem. 

APT hit another key milestone with TPS climbing to 27,000 in a single day.

Data from Aptoscan shows the total transactions, supply, active validators, and user transactions per second, in the chart below. 
APT

Aptos user transactions per second

Aptos is currently consolidating below the April 22 high of $10.41. APT price could add over 22% to its value in the coming week, likely to fill the Fair Value Gap (FVG) between $11.73 and $10.41. 

A 22% rally would imply APT climbs to the midpoint of the FVG, once the inefficiency is filled, APT could resume its decline. The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, signaling underlying positive momentum in APT price. 

The Relative Strength Index (RSI) is 50.59, above the neutral level of 50. The momentum indicator supports gains in APT and is in line with APT price gains in the coming weeks. 

APT

APT/USDT 1-day chart

Looking down, if APT price closes below the $8.28 low, it could invalidate the bullish thesis. In that case, APT could sweep liquidity at the May 20 low of $8.01. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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