Aptos [APT] Registered Significant Gains Over the Last 24 Hours, Why Was This the Case?

APT's price action gained bullish momentum in the last 24 hours as its value hiked by nearly 6.5%. The altcoin's latest hike came against the investors

Aptos [APT] encountered a bullish 24 hours on the charts as its price went up by nearly 6.5%. This recent price hike came against the investors’ expectations, especially since the week prior saw the crypto lose 3% of its value. To be precise, the token’s price dropped to $6.4 on 26 July – Last week’s lowest level.

At the time of writing, Aptos was trading at $7.20, according to CoinMarketCap data. This price action brought Aptos’ market cap to over $3.3 billion, ranking it as the 28th largest cryptocurrency in the world.

However, a closer look at Aptos’ performance on the price charts revealed an interesting observation. As per AMBCrypto’s analysis of Santiment’s data, we found that despite the latest price hike, the token’s weighted sentiment dropped sharply. Whenever this metric drops, it indicates that bearish sentiment around an asset has increased.

Its social volume also followed a similarly declining trend, reflecting a dip in its popularity.

Additionally, APT’s trading volume fell too – A bearish development.

A look at Aptos’ bull rally

As mentioned earlier, APT’s price action gained bullish momentum in the last 24 hours as its value hiked by nearly 6.5%. A surprising development was highlighted by AMBCrypto’s analysis of Santiment’s data. Despite the latest price hike, the token’s weighted sentiment dropped sharply. Whenever this metric drops, it indicates that bearish sentiment around an asset has increased.

Its social volume also followed a similarly declining trend, indicating a dip in its popularity.

Additionally, APT’s trading volume fell too – A bearish development.

Is APT’s rally likely to continue in the short term?

To answer this question, AMBCrypto checked other datasets and found out whether this recent price uptick could be short-lived.

As per our analysis of Coinglass’ data, APT’s Open Interest declined on the charts. This indicated that there were chances of a trend reversal. Nonetheless, its long/short ratio increased, meaning that there were more long positions in the market than short positions – A sign that bullish sentiments were dominant around the token.

We then checked Aptos’ liquidation heatmap to find out more regarding its possible resistance and support zones. In case of a sustained price uptick, investors might see the token hitting $7.7 soon.

A breakout above that level should allow Aptos to even touch $8.7. This seemed to be the case, as liquidations would rise at these two levels, which generally results in short-term price corrections.

However, if the bears once again gain control of the market, then APT might drop to $6.3. A dip under that level could push the token down to the $5 range in the coming weeks.