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Aptos (APT) recorded a 37.6% surge in the last two weeks, reclaiming its Q1 levels. According to some market watchers, the cryptocurrency’s recent performance follows SUI’s lead, which has set the stage for a massive rally toward a new all-time high (ATH) in the coming weeks.
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Aptos To Follow SUI Steps
Aptos has recorded a remarkable performance amid the market’s rally. Following the US presidential elections, the cryptocurrency has climbed from the $7.8 mark to reclaim the $11 support zone for the first time since late April.
According to some crypto analysts, APT’s chart displays a similar trajectory to SUI’s. Analyst Alex Clay pointed out APT’s performance is “following SUI steps perfectly,” suggesting that a breakout might be coming soon.
Per Clay’s post, Aptos’s chart displays the same price action as SUI, starting with a decline from its 2023 highs followed by a rise toward March’s highs. After Q1’s performance, the cryptocurrencies retraced over 70%, making a higher low (HL) from last year’s bottom and rising near March highs.
However, SUI took the lead and is currently in its “price discovery mode” after surpassing its March ATH a month ago. In the last month, the token surpassed its previous high several times, setting its latest ATH of $3.92 two days ago.
Based on this, the analyst suggests that investors should “wait for APT to breakout and price discovery.” Another market watcher previously noted that SUI and APT were moving in a “catch-up trade” path for the last year.
The trader explained that the cryptocurrencies followed a similar path before SUI “decoupled” twice. Following SUI’s takeoff, APT experienced an over 40-day lagging period before resuming its run.
At the time of the report, Aptos was two weeks away from catching up on SUI, which now coincided with the post-election run. An SUI-like breakout could see APT surpass the $18 mark and soar toward a price discovery zone above the $20 range.
APT Eyes $20 Target
Crypto analyst Quinten highlighted APT’s recent performance, asserting that it is “reclaiming its dominance, printing consistent higher highs and higher lows.” He also noted that the token’s chart shows “strong accumulation leading up to this explosive breakout.”
Last week, the token soared over 40% toward its monthly high of $13.3, a level not seen in seven months. Since then, the cryptocurrency has moved sideways, consolidating between the $11.5-$12.6 price range, briefly losing the lower range when Bitcoin (BTC) retraced toward $87,000.
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The $11 mark was a significant resistance throughout Q3, with APT being rejected from this range several times. However, the token has successfully held above 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” is at the $20 mark.
At the time of writing, APT is trading at $11.79, a 2.2% decline in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com