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A day ago, Aptos and Microsoft announced a new partnership to deploy new offerings that combine AI and blockchain technology. The two companies will also be exploring blockchain-based financial-service products like CBDCs, asset tokenization, etc. to expand the use cases of blockchain. Aptos will run validator nodes on Microsoft Azure to bolster the security of its network. On the news of this development, the price of Aptos’ native token, APT, rose by around 17%.
When the price of the asset rose, bears lost funds owing to the spike in short liquidations. However, the hype seems to have cooled down now. From yesterday’s high of $8, APT retraced to $7.29. As a result, the long liquidations were more than two times the short liquidations [$455.6k vs. $198.37k] at press time.
Nevertheless, Aptos’ development rate has been rising since the beginning of the month. Parallelly, its volume has been hovering at its highest level since March. These factors strengthen the fundamental base of APT. Posting about how this could trigger the price of the asset to climb higher, a recent analysis by Santiment noted,
“However, the crowd showed major FOMO but has calmed down. However, rising volume & dev. activity may foreshadow another higher high.“
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Aptos Price
From the 2023 peak of $20.400, created in January, APT is down to $7.3. If APT capitalizes on its fundamental positives, it could renew its rally by another 21.7% to claim $8.94. However, it will have to successfully test $8.1–$8.2 before that. Around this price, APT’s path has been hindered a handful of times since July 2023. However, if the APT market continues correcting, then the asset could drop to $6.5 for support over the short term.
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