- Aptos price has been in a strong sell-off in the past few weeks.
- Its DeFi total value locked surged to over $70 million, led by PancakeSwap.
Aptos price ignored some positive ecosystem news as its token tumbled to the lowest level since November 28. APT has plunged by more than 57% from its highest level on record, giving it a market cap of more than $568 million.
Aptos TVL surges
Aptos is a relatively new blockchain that aims to be a better alternative to Ethereum, BNB Smart Chain, and Cardano. Its main features are that its architecture is extremely reliable, safe, and able to be upgraded at a faster pace than other chains. It can process thousands of transactions per second (tps)
Aptos is a proof-of-stake network made up of thousands of validators that jointly receive and process transactions from users using the byzantine fault tolerant consensus. Token holders stake their tokens and earn returns.
Aptos, formerly known as Diem, has seen some uptick in the past few months as developers embrace its suite of features.
Data compiled by DeFi Llama shows that the total value locked (tvl) in its DeFi protocol has surged to an all-time high of $50 million. In contrast, Cardano, a much bigger blockchain, has a TVL of about $70 million.
PancakeSwap, the leading Binance DeFi network, has seen most of the inflows in the network. Its TVL has jumped by 52% in the past 7 days to $17.1 million. The uptrend continued this week when PancakeSwap introduced yield farming in its Aptos network. Yield farming is the process where people let the blockchain find the best-yielding assets.
Other DeFi protocols in its network have done well. For example, Aries Markets has seen its TVL jump by 40% while Ditto has had it rise by 10%. AUX Exchange, the biggest DEX in Aptos has seen its TVL remain unchanged in the past 30 days as other networks like PancakeSwap and Uniswap have lost funds.
Aptos price forecast
The 4H chart shows that Aptos price has been in a strong bearish trend in the past few weeks. This decline has seen it drop below the important resistance level at $5.4, which was the highest level on December 5.
Aptos has dropped below all moving averages while the Relative Strength Index (RSI) has dropped below the neutral point at 50. The Stochastic Oscillator and MACD have also drifted lower.
Therefore, despite the encouraging data, there is a likelihood that the coin will continue falling as sellers target the key support at $3.5.
