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Aptos' (APT) Price Comes Under Pressure as 4.5 Million Tokens Ready for Unlocking

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Mon, 6/02/2023 - 10:13
Aptos' (APT) Price Comes Under Pressure as 4.5 Million Tokens Ready for Unlocking
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After an unprecedented rise of almost 400% since the start of 2023, the Aptos token seems to have found its high and reversed direction in February, correcting by 16% in the past week. In the meantime, in addition to the purely technical price movement that has already started, it remains to be seen what impact the upcoming unlocking of the tokens, which is due to take place Feb. 12, might have on the APT price.

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APT to USD by CoinMarketCap

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Thus, according to Token Unlocks, an additional 4.5 million Aptos tokens are due to enter the market this Sunday, with a combined value at the current price of around $68.5 million. Given a total supply of tokens of 1 billion, this volume represents 0.454%. However, if the circulating supply of 160.29 million APT is taken into account, that is 2.83%.

In any other situation, it would seem that this is definitely a bearish signal, but in these market conditions it is not so clear-cut.

Meeting of two waters

Recall that the last time a large batch of Aptos tokens was due to enter the market, exactly one month before the current unlocking, the price of APT started its fabulous rally, rising further by 300% and setting a new all-time high.

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Whether this scenario could happen again is an open question. Nevertheless, perhaps Aptos marketmakers will again succeed in awakening the attention and, importantly, the greed of the crowd to unload the unlocked volume at sweeter prices.

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