Aptos bulls aim for 35% gains ahead of $100M token unlock
Aptos (CRYPTO:APT) is poised for potential price growth as the platform approaches a significant token unlock event on October 11, 2024.
This release will unlock 11.31 million tokens, valued at nearly $100 million, accounting for 2.25% of the token's total supply.
Over the past week, Aptos has already seen a 20% increase in price, nearing $10, as market participants anticipate further momentum leading up to the token unlock.
According to Token Unlocks, the release is part of Aptos' vesting schedule aimed at managing the token supply in a way that minimizes drastic market impacts.
While token unlocks can sometimes result in price volatility or declines, current market signals suggest Aptos may react differently.
One key indicator is the Bull Bear Power (BBP) index, which currently shows that bulls are in control of price movements.
This suggests Aptos could break through the resistance level at $9.40, with the potential to reach $12.70 in the near term.
In an especially bullish scenario, the price could even surge to $16.53, although this may be less likely before the token unlock occurs.
Despite the optimism, there is still a risk of a price drop if holders choose to take profits after the unlock event, which could lead to a supply shock.
In this scenario, Aptos could fall to a support level around $7.58.
Investors will be closely monitoring the market to see if bulls maintain their advantage or if increased selling pressure leads to a price decline after the unlock.
At the time of writing, the Aptos price was $8.41.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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