Aptos surges 18%, development activity reaches 2-month highs

Aptos (APT) has recorded impressive gains over the past week. Data from Santiment shows that the Layer-1 blockchain’s development activity has reached its two-month-high. 

APT is up by 18% in the past 24 hours and is trading at $12.21 at the time of writing. The asset’s market cap surged to $4.79 billion, making it the 25th-largest digital currency. Data shows that APT’s daily trading volume increased by 711%, reaching $1.34 billion.

APT price, RSI, development activity, open interest and funding rate – Feb. 29 | Source: Santiment

According to data provided by Santiment, Aptos’ development activity hiked by 268% over the past two months. The platform currently has 39 active development contributors, per the market intelligence platform. 

Two weeks ago, Aptos launched a $99 smartphone, called JamboPhone, which is already available in more than 40 countries. However, there’s no updated data on how many units of the smartphone have been sold so far. 

Moreover, APT’s total open interest (OI) surged from $128.83 million to $173.29 million over the past 24 hours, per Santiment. 

Data from Santiment shows that the Aptos total funding rate is currently hovering around 0.09%, suggesting a slight dominance on long-position trades. However, the exact amounts of long and short-position holders are still unclear until further price movements.

According to the market intelligence platform, the APT Relative Strength Index (RSI) rose from 60 on Feb. 27 to 72.8 at the time of writing. This shows that Aptos might be overheated at the moment and high price volatility is usually expected in these situations.

For APT to stay in the bullish zone, its RSI would need to cool down below the 60 mark.

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