Aptos APT Token Soars with Unprecedented TVL and Exchange Staking Program
Aptos (APT) has experienced a significant surge in price, rising by 12% and reaching $11.05. This increase can be attributed to the introduction of a new staking reward program and the growing activity within its decentralized finance (DeFi) ecosystem. The blockchain project has also achieved a new milestone, with its Total Value Locked (TVL) reaching a record high of $920 million.
MEXC exchange has launched a substantial staking program for APT holders, offering a generous reward pool of $1.5 million. Participants can earn annual percentage rates (APR) of up to 20% by locking up their tokens for 30 days. This initiative has resulted in a decrease in token circulation and an increase in buying pressure.
Despite a general decline in the cryptocurrency market, APT has managed to recover from last week’s low of $9.61. Technical analysis indicates a consistent upward trend since September, with the token establishing higher lows and highs from its initial base of $5.50.
Social engagement metrics reflect a growing interest in the project, with data from Santiment showing a remarkable 127% increase in social volume over the past 24 hours. This surge in social activity coincides with several technical advancements on the Aptos network, including the integration of Chainlink Data Feeds and the launch of the Shoal++ consensus protocol.
The DeFi ecosystem on Aptos has demonstrated impressive strength, as confirmed by DeFiLlama data, which reports a record-breaking TVL of $920 million. This metric represents the total value of assets locked in various DeFi protocols on the Aptos blockchain, indicating a growing user adoption and confidence in the platform.
From a technical standpoint, APT has successfully surpassed a key resistance level at $9.00, and the next significant resistance levels are identified at $15.00 and $19.00. This suggests a potential surge of 76.41% to the upside. However, it is crucial to maintain support at $9.00 and $7.45 to sustain bullish momentum.
The recent performance of APT can be attributed to investors diversifying their profits from Bitcoin into alternative cryptocurrencies. Aptos has emerged as a beneficiary of this capital movement.
With the combination of technical advancements, increasing DeFi activity, and the introduction of new staking incentives, APT is well-positioned for continued upward movement in the near future.
