- APT's price rallied by more than 4% over the last 24 hours.
- Most market indicators looked bearish, suggesting a price correction.
Aptos [APT] is expecting its next token unlock in the next few days. The unlock is coming at a time when the token's price action is bullish, raising fears of an upcoming price correction. However, even as its price went up, the blockchain's network activity declined substantially.
Read Aptos' [APT] Price Prediction 2023-24
Aptos has capitalized on the bull market
According to CoinMarketCap, APT has rallied by more than 13% over the last seven days. In fact, in just the last 24 hours, APT's value surged by over 4%, which looked optimistic.
At the time of writing, APT was trading at $7.14 with a market capitalization of over $1.7 billion, making it the 31st largest crypto.
Along with the price, Aptos' 24-hour trading volume also spiked by more than 77%. While the current price action suggested that investors were enjoying profits, the future might be different, as APT was expecting its next token to unlock after 12 days.
As per Token Unlocks' 30 October tweet, the blockchain is all set to inject more than 24.8 million APT into the market, which will increase its circulating supply. Generally, whenever supply increases, demand for an asset drops, which causes a decline in its price.
At press time, APT had a circulating supply of 247,475,382.
Does APT have more concerns to address?
If metrics are to be believed, APT's bull rally might end even before the token unlocks. As per Coinglass, APT's Funding Rate turned red at press time. This showed that derivatives investors were reluctant to buy APT at a higher price.
Source: Coinglass
Additionally, most market indicators were also bearish on the token. For instance, Aptos' Money Flow Index (MFI) and Relative Strength Index (RSI) both entered the overbought zone at the time of writing.
This could exert 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 downtick.
Source: TradingView
How much are 1,10,100 APTs worth today?
Aptos' network activity is dropping
While the blockchain's market indicators turned bearish, its network activity also registered a drop. According to Artemis' data, APT's Daily Active Addresses and Daily Transactions declined after spiking in the last month.
However, it was interesting to note that the blockchain's performance in the DeFi space remained promising, as evident from the rise in its TVL over the last few days.
Source: Artemis
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