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Since last week’s unlock, when Aptos (APT) released 11.31 million tokens into circulation, the price has increased by 24%. This development aligns with BeInCrypto’s prediction of a post-unlock Aptos price rally.
However, despite the impressive rally, APT continues to elude the $12 price mark. This analysis reveals the key factors behind the cryptocurrency’s recent price drop and checks if the bullish momentum has finally lost steam.
Aptos Faces Tough Times
On October 11, Aptos price was around $8.04. However, just days after the token unlock, the altcoin surged to $10.70 before recently pulling back to $9.99.
According to Santiment, the Weighted Sentiment around Aptos (APT) may be contributing to the recent decline. Weighted Sentiment measures the average perception of the crypto community based on positive or negative comments.
A positive reading indicates more bullish remarks, while a negative one suggests the majority of comments are pessimistic. As of this writing, the Weighted Sentiment for Aptos has dropped to its lowest level since July 18.
Read more: Aptos Crypto (APT): A Guide to What it Is and How it Works
This decline suggests that a significant portion of market participants are no longer bullish on APT, making it potentially difficult for demand to improve and the price to increase.
Additionally, the project’s trading volume appears to have played a significant role in the recent decline. For example, Aptos’ volume surged to $600 million on October 13, coinciding with the earlier price rally, indicating growing interest in the token at that time.
However, at press time, the volume has dropped to $210.46 million, suggesting diminishing interest and declining buying pressure. If this trend continues, APT’s price could face further downward pressure.
APT Price Prediction: No Breakout Yet
According to the daily chart, Aptos’ price is currently in a region that historically draws it back. As far back as 2023, whenever APT hovers above the $10 mark, it finds it challenging to break out.
Therefore, the current trend seems to repeat past patterns. Additionally, the significant resistance level at $10.76 could remain a challenging hurdle for APT to break through. If this continues, reaching the $12 mark may prove difficult.
Read more: 5 Best Aptos (APT) Wallets in 2024
Considering the recent condition, it is likely that the price of Aptos will fall by 15%, bringing it down to $8.55. However, a rise in buying pressure and volume could invalidate the prediction. In that scenario, APT could jump toward $12.35.