Aptos Token Unlock, Market Sentiment Turns Bearish
The price has risen by 24% since the unlock last week, when Aptos (APT) sent 11.31 million tokens into circulation. Nevertheless, APT still eludes the $12 price mark in spite of the remarkable recovery.
The price of Aptos was approximately $8.04 on October 11. The altcoin, however, rose to $10.70 a few days following the token unlocks and then recently fell down to $9.99. Santiment suggests that the current drop could be attributed to the weighted sentiment around Aptos. The Aptos weighted sentiment has fallen to its lowest point since July 18 as of this writing.
APT Bullish Momentum Fades as Volume Nosedives by 65% Since October Surge
Given this drop, it may be challenging for demand to rebound and for the price to rise because a sizable percentage of market players appear to have lost their bullishness on APT. Furthermore, it seems that the project’s trading volume contributed significantly to the most recent drop. Aptos’ volume, for instance, increased to $600 million on October 13 in tandem with the previous price increase, suggesting that the token was becoming more and more popular at the moment.
Nevertheless, the volume has decreased to $210.17 million as of this writing, indicating waning interest and waning purchasing power. There may be more downward pressure on APT’s price if this pattern persists.
APT’s Struggle at $10.76 Could Lead to 15% Correction, Will Bulls Step In?
The daily chart indicates that the price of Aptos is presently in an area that has historically brought it back. It has been difficult for APT to break out since 2023 whenever it is above the $10 threshold. As a result, the current trend appears to be a rerun of earlier trends.
Furthermore, the noteworthy resistance level at $10.76 might continue to be a difficult barrier for APT to overcome. It might be challenging to hit the $12 threshold if this keeps up. Given the current situation, Aptos’ price is probably going to drop by 15% to $8.55. A spike in volume and purchasing pressure, however, might make the forecast unfounded.
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