Aptos Surges 37.6% as Analysts Predict Potential Breakout to $20
Aptos (APT) experienced a 37.6% increase over the past two weeks, returning to Q1 levels. Market analysts suggest this performance mirrors that of SUI, indicating potential for a significant rally towards a new all-time high (ATH).
Aptos Follows SUI's Trajectory
Following the US presidential elections, Aptos rose from $7.8 to the $11 support zone for the first time since late April. Analysts noted APT’s price chart resembles that of SUI, with Alex Clay observing that APT is "following SUI steps perfectly," hinting at an impending breakout.
Clay indicated Aptos’s price action began with a decline from its 2023 highs, followed by a rise towards March highs. Both cryptocurrencies retraced over 70%, establishing a higher low compared to last year’s bottom.
SUI has led recent market movements, currently in "price discovery mode" after surpassing its March ATH. It reached a new ATH of $3.92 recently.
Analysts recommend watching for APT’s breakout and price discovery. One market watcher noted that SUI and APT have been in a "catch-up trade" for approximately a year.
The trader highlighted that APT lagged over 40 days behind SUI before resuming its ascent. At the report's time, APT was positioned to catch up with SUI, coinciding with the post-election momentum. An SUI-like breakout could propel APT past $18 and into a price discovery zone above $20.
APT Targets $20
Crypto analyst Quinten emphasized APT's recent momentum, noting it is “reclaiming its dominance” with consistent higher highs and lows. He pointed out strong accumulation leading to a potential breakout.
Last week, APT surged over 40% to a monthly high of $13.3, marking its highest level in seven months. Since then, it has consolidated between $11.5 and $12.6, briefly dipping when Bitcoin (BTC) retraced to $87,000.
The $11 mark served as significant resistance throughout Q3, with APT facing multiple rejections from this range. However, it has maintained above this level for seven days. Analysts believe current momentum could drive Aptos to a new ATH, with the next major target set at $20.
As of now, APT is trading at $11.79, reflecting a 2.2% decline within the daily timeframe.
