Aptos (APT) Crypto Has Been On A Downward Trajectory But On-Chain Performance Reveals Robust Activity

Aptos native coin APT has been on an overall downward trajectory in the last 7 days. However, a dive into the network's on-chain performance revealed robust activity, which may offer insights into APT's potential outcome in the coming days.

Aptos native coin (APT) has been on an overall downward trajectory in the last 7 days. However, a dive into the network’s on-chain performance revealed robust activity, which may offer insights into APT’s potential outcome in the coming days.

Aptos achieved a significant recovery since the second week of April. This was particularly evident in its total value locked (TVL), which surged back above $1 billion, as well as its chain fees, which confirmed recovering network activity.

However, both TVL and network fees cooled down considerably in the second half of last week, and this may have had something to do with APT crypto price action. But despite these observations, Aptos decentralized exchange (DEX) volume achieved a new weekly peak.

For context, the crypto’s DEX volume had its slowest daily volume in the last 3 months at just above $6.2 million in mid-March. However, DEX volumes have been aggressively recovering since then, reflecting the recovering post-tariff war market conditions.

Aptos daily DEX volume has been hovering above $114 million since mid-May. A testament to the level of market utility that aligned with market recovery.

Aptos Stablecoin Market Cap Signals Returning Confidence

Aptos DEX volume recovery underscores the need for a smooth flow of liquidity within the network. Unsurprisingly, the level of liquidity within the network has also been rising aggressively.

In fact, Aptos stablecoin market cap has been on a parabolic move in the last 12 months. To put things into perspective, the network’s stablecoin market cap hovered around $88 million on 17 May, exactly 12 months ago.

It clocked a new all-time high of $1.93 billion in the last 24 hours, meaning stablecoin count on Aptos was up by almost 2010%.

Why is Aptos stablecoin maret cap growth important? Historically, positive liquidity growth precedes demand for the underlying asset. For example, stablecoin growth has been observed just before Bitcoin embarks on a sizable rally.

In the case of decentralized finance (DeFi) environments, stablecoin growth underpins the value brewing within those environments. And since blockchains are designed to facilitate the flow of value to the base layer, then Aptos’s native coin could be in a position to benefit from this growth. Especially considering that stablecoin growth has been occurring alongside ballooning network activity.

Is APT Crypto On The Verge of Bullish Pivot?

APT achieved a noteworthy recovery in the second week of May, managing to push above $6, albeit briefly. It has since given up those gains and mostly delivered a bearish performance last week, during which it tanked by 19%.

The APT crypto’s retracement saw price dip close to the $5 price point, which underscored a key February and March support level. Price action in the last 2 days also revealed that the bears were cooling down.

This observation signaled that APT could be on the verge of a pivot if it attains enough bullish momentum. CoinGlass data revealed that spot outflows have been retreating in the last 3 days, and this could potentially give way for a bullish takeover.

Aptos aggressively rising DEX volumes and rising TVL could potentially signal a shifting sentiment in favor of APT bulls. In addition, the cryptocurrency exchanged hands at a 66% discount from its December 2024 peak, which could potentially boost its attractiveness.

An assessment of APT crypto whale orders among the top exchanges revealed that there was over $8.6 million worth of whale demand in derivatives contracts in the last 3 days on OKX and Binance. However, whale activity contributed $320,000 worth of net sell pressure in the spot segment on Binance, OKX, and Coinbase.

The higher demand in the derivatives segment suggests an APT leverage shakedown might already be in play. This, combined with the positive network activity, suggests that a major bullish breakout could potentially be in the works.