The Aptos price remains under pressure this year despite the network boasting some of the best metrics in the layer-1 industry. On Monday morning, the APT token was trading at the psychological level of $5, down by 67% from its highest point in December last year.
Aptos Has Strong Metrics
Third-party data shows that Aptos has some of the best metrics in the crypto industry. DeFi Llama data reveals 121 DeFi applications in the sector, higher than Sui’s 62, Cardano’s 46, and Near Protocol’s 31.
These applications boast a total value locked (TVL) of over $1.48 billion, significantly higher than Cardano’s $385 million. This figure shows that many users interact with applications built on Aptos compared to those on Cardano, a cryptocurrency valued at over $25 billion.
One crucial metric to track when evaluating a blockchain network is the amount of stablecoins within its ecosystem. Aptos has $1.1 billion in stablecoins, higher than Sui’s $906 million and much higher than Cardano’s $30 million.
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More third-party data shows that Aptos is the fifth-biggest chain in terms of transaction volume. It handled 31.3 million transactions in the last seven days, a 26% increase from a week earlier. Only Solana, Tron, Base, and Near Protocol handled more transactions.
Aptos had over 5 million active addresses, a 59% increase from the previous week. Conversely, Ethereum processed 1.8 million transactions in the same timeframe.
A likely reason the Aptos price has underperformed is its high inflation rate of almost 10%. Aptos introduces 11.31 million tokens to the market on the 12th of every month. These tokens are worth about $57 million today. Token unlocks result in dilution.
Aptos Price Technical Analysis
The three-day chart reveals that the APT price was at $5 on Monday, slightly above the key support level of $4.70, a threshold it has not fallen below at least three times since 2023. That is a sign that short-sellers are afraid of opening short positions below that level.
The price of Aptos has remained below all moving averages. It has formed a small inverse head-and-shoulders pattern, as it did last year before its rebound. Thus, the coin will likely rebound and potentially retest the psychological level of $10. A drop below the support at $3.8 will invalidate the bullish outlook.
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