Key metric hits November levels, effect on APT’s price will be…

• Aptos [APT] has declined by 27.55% over the last few months
• APT saw its positive sentiment soar on the charts to hit its November levels

Over the past month, Aptos [APT] has seen some strong downward pressure on its price. During this period, the altcoin saw some extreme volatility too, hitting a low of $4 from a local high of $9.8.

A look at the price chart revealed that Aptos has traded within a descending channel over the past month. In fact, every attempt to break out of this resistance has precipitated rejection, confirming strong bearish sentiments across the board.

At the time of writing, APT was trading at $6.07 on the charts, with the altcoin losing 4.45% of its value in 24 hours. Equally, APT declined on the weekly and monthly charts too, dipping by 1.32% and 27.55% respectively.

Source: Santiment

Despite this sustained price drop, however, market optimism may be on its way back. This can be evidenced by the fact that investor sentiment recently surged to its November levels, according to Santiment. With weighted sentiment hitting a three-month high, it means that more investors have a favorable opinion of Aptos than negative ones. Here, it’s also worth pointing out that weighted sentiment has remained positive over the last 5 days.

With weighted sentiment hitting these levels, the question that arises is whether this can push APT’s price towards recovery.

Can Aptos recover as sentiment soars

According to AMBCrypto’s analysis, buyers are now attempting to retake the market with sellers somewhat exhausted.

For example, Aptos’s Delta turned positive after remaining largely negative. This shift is a sign that buying pressure is currently outpacing selling pressure.

Aggressive buying across the market hinted at rising demand too. If the Delta remains positive for a prolonged period of time, it would mean that buyers are even willing to pay higher prices.

Source: MobChart

The uptick in buying pressure can be further validated by the order imbalance, with the positive order imbalance outweighing the negative side.

This has remained positive over the last 2 days – A sign of strong bullish sentiment with large players accumulating.

Source: Coinalyze

Additionally, the altcoin’s long/short ratio revealed that long position holders have been dominating the market. At press time, longs had a total of 75.3% of the total Futures accounts while shorts took 24.77%. With longs dominating, it would mean that investors are bullish and expect the price to rebound in the near term.

To put it simply, buyers have entered the market to accumulate at lower rates. Therefore, if this buying momentum can hold, we could see Aptos break out of the descending trendline again. This time though, it might do so sustainably to reclaim $7, thus allowing APT to hit $8.53 in the long term.