According to reports from AMBCrypto, Aptos [APT] surged by more than 10% in the past 24 hours, with daily trading volume surpassing $109 million. The altcoin's gains were driven by a continuous supply crunch since its fee switch, with reduced supply influencing the rally significantly. In the past seven days, Aptos ranked second globally with $145 million in RWA net flows, closely behind Ethereum at $149 million. As per AMBCrypto, the altcoin broke out for the second time from a descending trend channel, reversing from a double bottom at $0.523 after losing support at $0.576 on August 25th. The token is currently surging toward equaling August's peak above $0.71, with RSI divergence supporting the bullish projection.
As reported by AMBCrypto, network activity showed strong recovery with 57,047 active addresses on September 3rd and transactions surging beyond 16 million. The chain continues to generate revenue with average transaction fees at $0.0005 since the 10x fee increase. These fees are used to buy back APT and burn them permanently, with 1.52 million APT burned in the last 30 days and a total of 1.7 million tokens burned since mainnet launch. According to AMBCrypto, the annualized burn rate stands at 1.8 million tokens, as reported by Aptos on X. The strong network activity indicates participants are returning to the chain, supporting the token's price momentum.
According to AMBCrypto analysis, APT broke out for the second time from a descending trend channel, reversing from a double bottom at $0.523 after losing support at $0.576 on August 25th. The altcoin is currently surging toward equaling August's peak above $0.71, with RSI divergence supporting the bullish projection. However, net volume data shows approximately 340K APT were sold in the most recent session, indicating weakening buyer momentum despite overbought RSI conditions. As per AMBCrypto, a challenge existed at $0.65, which was a short-term resistance below $0.71. Stronger bearish signals from routine unlocks could add to the mid-selling pressure, creating potential downside risk for the token.
As reported by Tokenomist data cited in AMBCrypto, approximately 11.31 million APT worth $6.88 million will be added to the circulating supply within a week. This represents 0.65% of the released supply and could add to mid-selling pressure. The upcoming unlock dwarfs the small supply burned monthly, creating potential downside risk for the token despite current burn rates. According to AMBCrypto, this massive release dwarfs the small supply burned in a month, indicating that routine unlocks could add to the mid-selling pressure and challenge the token's current bullish momentum.
