- The price of APT has risen by more than 4% in the last 24 hours.
- Most market indicators looked bearish, indicating a price correction.
Aptus [APT] expect the next token unlock in the coming days. The unlock comes at a time when the token’s price action is bullish, raising fears of an impending price correction. But even as the price rose, the blockchain’s network activity dropped significantly.
Read Aptos’ [APT] Price prediction 2023-24
Aptos has benefited from the bull market
According to CoinMarketCapAPT is up more than 13% in the past seven days. In fact, APT’s value is up over 4% in the last 24 hours, which looked bullish.
At the time of writing, APT was trading at $7.14 with a market cap of over $1.7 billion, making it the 31st largest crypto.
Along with the price, Aptos’ 24-hour trading volume also increased by more than 77%. While current price action suggested investors were enjoying gains, the future could look different APT expected the next token to be unlocked after 12 days.
According to Token Unlocks’ tweet on October 30, the blockchain is all set to inject over 24.8 million APT into the market, which will increase the circulating supply. In general, when supply increases, demand for an asset decreases, causing a decrease in price.
At the time of writing, APT had a circulating supply of 247,475,382.
Only 12 days left 🔔
Get ready for the remarkable $APT unlocks:
24.842 million $APT will be unlocked on November 12, 2023.Time to prepare to take action.
Find out more about $APT 👇🏻https://t.co/I6oCoY2Wb0 https://t.co/Frpj2Kmtap pic.twitter.com/DWtXYbYjNe— Token Unlocks (@Token_Unlocks) October 30, 2023
Does APT need to address more issues?
If the stats are to be believed, APT’s bull rally could end before the token is unlocked. According to Coinglass, APT’s funding rate turned red as of press time. This showed that derivatives investors were reluctant to buy APT at a higher price.
Source: Coinglass
Moreover, most market indicators were also bearish on the token. For example, AptusThe Money Flow Index (MFI) and the Relative Strength Index (RSI) both reached the overbought zone at the time of writing.
This could put more selling pressure on the token and cause a drop in its price.
Another bearish indicator was the Chaikin Money Flow (CMF), which registered a slight decline.
Source: TradingView
How many Worth 1,10,100 APTs today?
Aptos’ network activity is declining
While blockchain market indicators turned bearish, network activity also registered a decline. According to Artemis data, APT’s daily active addresses and daily transactions have fallen after peaking last month.
However, they were interestsI would like to note that the performance of the blockchain in the DeFi space remained promising, as evidenced by the rise in TVL in recent days.
Source: Artemis