Aptos, a layer 1 blockchain platform, saw its native token record an impressive rally, gaining strong focus from short-term traders.

Aptos (APT) surged 20% in the past 24 hours and is trading at $10.24 at last check Sunday. Its market cap surpassed $5 billion with a daily trading volume of $530 million.

Notably, the Aptos token witnessed a double-bottom formation on its price chart between October 2023 and 2024. The appearance of a double-bottom correction usually brings a strong bullish momentum for an asset’s price.

According to data provided by Santiment, the APT total open interest rose from $128 million to $170 million over the past day — marking a six-month-high. A sudden surge in an asset’s open interest shows an increase in its short-term traders.

Data shows a sudden shift in APT’s funding rate from the negative zone. The total funding rate aggregated by Aptos is currently sitting at 0.009%, per data from Santiment. The indicator shows that the majority of the traders are betting on APT’s further bullish momentum.

It’s important to note that long liquidations could potentially trigger a price correction and high price volatility for Aptos.

Meanwhile, the social sentiment around Aptos is still in the negative zone despite the major price hike.

On Oct. 3, Aptos acquired HashPalette, a Japanese blockchain development company, according to a crypto.news report.

The deal triggered a 7% price hike for APT as the layer-1 network, claiming to process over 150,000 transactions per second, entered the Japanese market.

Aptos was founded by former engineers from Meta Platform’s Diem blockchain project (previously known as Libra). Their goal is to leverage their experience with Move, a programming language originally developed for Diem.

Aptos uses the Move language and incorporates features such as parallel transaction processing, a Byzantine Fault Tolerant (BFT) consensus mechanism, and smart contracts to create a secure and fast blockchain infrastructure.