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The Aptos Mainnet was only launched in full back in October 2022 in the midst of last year’s tumultuous bear market. Since then, the aptos development team has been taken care of. According to Santiment, development on-chain has been nearly consistent even as it is a far cry from all-time-high levels.
Because of this, CoinGecko noted a strong bullish push as the native token of Aptos, APT, soared 147% in the weekly time frame. Adding to the optimism is the current feeling about cryptocurrencies.
According to recent news, the market might continue its bullish run as the derivatives market of Bitcoin sends buy signals to bulls.
What the hell happened in Aptos?
The naming and identity arm of Aptos, Aptos Names, has been on a roll lately as they make their smart contract code open source. According to the thread, this would make the contracts much more secure as individuals can customize their contracts.
It would also make the code more decentralised, giving the community more voice and authority over what can be implemented in the future for aptos names.
Image: Aptos Names Twitter
PancakeSwap also continued with its multi-chain deployment on Aptos. Since the proposal, the distributed stock market has deployed more than 14 blockchain farms with four apt pairs available.
Investors should keep an eye on the situation. These Levels
The ongoing rally for APT is something the bulls relish on, making APT among the top gainers in almost all time frames, according to CoinGecko data.
Since January 1, aptos has found three price levels in the event that the token is heavily rejected in the next few days or weeks.
In its actual form, The rally is supported at $12.32 if the chip is discarded, This crucial support is available to investors and traders if the $16.01 support is broken.
APT total market cap at $3 billion on the daily chart | Chart: TradingView.comCurrently, the chip is able to reach these new heights due to developments on the chain that give confidence to investors.
At the time of writing, January 26th, long buyers outnumber the short sellers by a very small margin.
Image: Coinglass
This may be a sign that investors are still optimistic about the long-term outlook for the coin. At this time, investors and traders can cash in certain gains to protect themselves from possible declines in apt's market.
Monitoring the overall situation on the crypto market is also a must because market movements by major cryptos can have an effect on the trajectory of apt prices.
Spotlight on New Scientist.
