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Aptos (APT) has risen 37.6% in the past two weeks, regaining Q1 levels. According to some market watchers, the cryptocurrency’s recent performance is following SUI’s lead, paving the way for a massive rally towards a new all-time high (ATH) in the coming weeks.
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Aptos to follow the SUI steps
Aptos posted a great performance amid the market rally. After the US presidential election, the cryptocurrency rose from the $7.8 level to reclaim the $11 support area for the first time since late April.
According to some cryptocurrency analysts, the APT chart shows a similar path to that of SUI. Analyst Alex Clay He pointed out APT’s performance “perfectly follows the steps of SUI,” suggesting that a breakout could be imminent.
Per Clay’s post, the Aptos chart shows the same price action as SUI, starting with a decline from the 2023 highs followed by a rise toward the March highs. Following its first-quarter performance, cryptocurrencies fell by more than 70%, forming a higher low (HL) than last year’s low and rising near their March highs.
However, SUI has taken the lead and is currently in “price discovery mode” after surpassing March ATH a month ago. In the past month, the token has surpassed its previous high several times, last setting its ATH at $3.92 two days ago.
Accordingly, the analyst suggests that investors should “wait for the APT breakout and price discovery.” Another market watcher previously noted that SUI and APT have been on a “catch-up” path over the past year.
The trader explained that cryptocurrencies followed a similar path before SUI was “disconnected” twice. After SUI took off, APT experienced a delay of more than 40 days before resuming its work.
At the time of reporting, Aptos was two weeks away from catching SUI, which has now coincided with the post-election round. A SUI-like breakout could see the APT break above the $18 mark and rally towards the price discovery zone above the $20 range.
APT is eyeing a target of $20
Quentin cryptoanalyst Highlight APT’s recent performance confirms that it is “regaining its dominance, recording consistently higher highs and higher lows.” He also noted that the currency’s chart shows “strong accumulation leading to this explosive breakout.”
Last week, the token surged more than 40% towards its monthly high of $13.3, a level not seen in seven months. Since then, the cryptocurrency has moved sideways, settling between the $11.5-$12.6 price range, and briefly losing the lower range when Bitcoin (BTC) fell towards $87,000.
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The $11 mark was significant resistance throughout Q3, with APT rejecting from this range several times. However, the token managed to maintain this level for seven days.
As a result, the analyst believes the current momentum could send Aptos to a new ATH, as the “next big psychological and technical target” lies at the $20 level.
At the time of writing, APT is trading at $11.79, which is a 2.2% decline on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
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