The Aptos (APT) network is exhibiting a notable divergence between robust on-chain activity and its market valuation, as developer engagement surges while the token price consolidates near multi-month lows.
Despite APT trading within a tight range between $4.2 and $7, on-chain metrics signal underlying strength. Spot taker cumulative volume delta (CVD) indicates persistent buyer dominance, suggesting accumulation even as prices stagnate. Technical indicators like the Relative Strength Index (RSI), currently at 38.46, point to oversold conditions that could potentially precede a short-term rebound.
Activity in the derivatives market has rebounded, reflecting renewed trader confidence. Open Interest increased by 11.78% to $181.92 million, while trading volumes rose 5.26% to $305.97 million.
Decentralized exchange (DEX) volumes on Aptos surged significantly, reaching $165.7 million over a 24-hour period. This surge occurred despite a 5.98% decline in the network’s Total Value Locked (TVL), which now stands at $1.443 billion, indicating a potential shift towards short-term trading activity.
Most notably, developer activity on the Aptos blockchain reached a six-month peak, with daily smart contract deployments exceeding 450. However, this heightened level of development has yet to translate into appreciable price appreciation for the APT token.