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Aptos (APT) rose 37.6% over the past two weeks, recovering its first quarter levels. According to some market watchers, the cryptocurrency’s recent performance is following SUI’s lead, setting the stage for a massive rally towards a new all-time high (ATH) in the coming weeks.
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Aptos to track SUI steps
Aptos has had a remarkable performance during the market’s rally. Following the US presidential election, the cryptocurrency rose from the $7.8 mark to regain the $11 support zone for the first time since late April.
According to some crypto analysts, APT’s chart shows a similar trajectory to SUI’s. Analyst Alex Clay pointed out APT’s performance is “perfectly following the SUI steps,” indicating that an outbreak could occur soon.
According to Clay’s post, Aptos’ chart shows the same price action as SUI, starting with a decline from the 2023 highs, followed by an increase towards the March highs. After the first quarter performance, cryptocurrencies have rebounded by more than 70%, hitting a higher low (HL) from last year’s bottom and rising near the March highs.
However, SUI took the lead and is currently in “price discovery mode,” having surpassed the March ATH a month ago. Over the past month, the token has surpassed its previous high several times, setting its last ATH at $3.92 two days ago.
Based on this, the analyst suggests that investors should “wait for the APT breakout and price discovery.” Another market watcher previously noted that SUI and APT were catching up in the past year.
The trader explained that the cryptocurrencies followed a similar path before SUI was ‘delinked’ twice. After the start of SUI, APT experienced a delay period of more than 40 days before resuming operations.
At the time of the report’s release, Aptos was still two weeks away from catching up on SUI, which now coincided with the post-election elections. A SUI-like breakout could see APT breach the $18 mark and move towards a price discovery zone above $20.
APT Eyes $20 target
Crypto analyst Quinten marked APT’s recent performance, which claims it is “regaining its dominance and consistently posting higher highs and higher lows.” He also noted that the token’s chart “shows strong accumulation leading to this explosive breakout.”
Last week, the token rose more than 40% towards its monthly high of $13.3, a level not seen in seven months. Since then, the cryptocurrency has moved sideways, consolidating between the $11.5-$12.6 price range, and briefly lost the lower range as Bitcoin (BTC) returned towards $87,000.
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The $11 mark provided significant resistance throughout the third quarter, with APT being rejected from this range several times. However, the token has successfully held above this level for seven days.
As a result, the analyst believes that current momentum could send Aptos to a new ATH as the “next big psychological and technical target” hits the $20 mark.
At the time of writing, APT is trading at $11.79, down 2.2% in the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
Credit : www.newsbtc.com
