Aptos (APT) could see further price increases with just two days remaining before a major cliff token unlock. Over the past week, APT’s price has climbed 20%, nearing the $10 mark.
However, bulls appear unsatisfied with this recent uptick. Analysis indicates that the upcoming token unlock event could push APT closer to the yearly high it achieved in March, as market participants anticipate potential price movements following the event.
Aptos Investors Unfazed by Possible Volatility
According to Token Unlocks data, Aptos will release 11.31 million tokens on October 11, representing 2.25% of its maximum supply. At the altcoin’s current price, these tokens are worth nearly $100 million.
Token unlocks are a crucial aspect of a project’s vesting schedule. They occur when previously locked tokens are released into circulation. This process is designed to manage the distribution of tokens and mitigate their potential impact on prices.
However, in a situation where the number of tokens unlocked is high, crypto prices can experience high volatility and sometimes—notable declines.
Read more: Aptos Crypto (APT): A Guide to What it Is and How it Works
Based on signals obtained from the daily chart, the situation might be different in Aptos’ case. One of the indicators fueling this prediction is the Bull Bear Power (BBP).
The BBP measures the capability of buyers (bulls) in the market to lift prices compared to the ability of sellers (bear) to drag prices below a certain level.
When the BBP rises, it means that bulls have the upper hand, and prices can increase. On the other hand, a decline in the indicator suggests that bears are in control. As shown on the daily chart, the BBP has been consistently rising, suggesting that Aptos’ price can move higher than $9.10.
APT Price Prediction: $12 Target Likely
An evaluation of the daily chart shows that APT faced resistance at $9.40, preventing it from reaching the $10 milestone. However, with support at $8.53 and strong buying power, the altcoin could still break above $10.
If bulls maintain control, APT’s price could increase by 35%, potentially reaching $12.70. In extremely bullish conditions, the token might even rise to $16.53, though this seems unlikely before Friday’s unlock event.
Read more: 5 Best Aptos (APT) Wallets in 2024
On the other hand, if holders start taking large profits, Aptos’ price could decline. A resulting supply shock might add further downward pressure, pushing the price down to $7.58.
Disclaimer
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Source: https://beincrypto.com/aptos-price-gains-token-unlock/