The price of Aptos (APT) has fallen by 2.5% in the last day, wiping out gains from the previous week as it dropped to levels near $16.40.

Simultaneously, trading volume has decreased by 31% in the past 24 hours, amounting to around $150 million.

Recent Developments Regarding Aptos

Over the last 30 days, the Aptos price has benefited from various network-related news and events, particularly the integration of NFTs and real-world assets (RWA), which have acted as significant catalysts.

The value of APT surged by over 12% early this month, surpassing $10. These gains were fueled by the overall positive momentum in the price of Bitcoin throughout the year.

Further strengthening the altcoin's position was Aptos' partnership with Jambo, focusing on promoting Web3 and crypto adoption across Africa, which helped boost its price. Additionally, a strategic collaboration between the Aptos Foundation and a subsidiary of the Korean corporation Daehong Communications also contributed to the price boost.

What Lies Ahead for Aptos Price?

Amid these positive developments, market sentiment surrounding the Aptos project hints at a potential upward movement in the long run.

This bullish sentiment has been prevalent since the APT/USD pair broke decisively above $10 in February, leading to a consistent upward trajectory within a rising channel.

If buyers support the price at $16 and surpass $18, it could pave the way for further gains above $20 as the market enters a price discovery phase during the ongoing bull market.

Currently, buyers seem to have a slight edge as the Aptos price remains above $16, marking an increase of over 40% in the past month.

A rebound from the lower channel boundary would signal a continuation of the upward trend. Nevertheless, there remains a likelihood of the price revisiting lower support levels if sellers manage to break below the channel support.

In such a scenario, critical support levels to monitor on the downside would be $14 and $12.