Aptos (APT) coins surged by 20% after unlocking 25 million tokens worth over $200 million, reaching $9.13, despite a general crypto market decline.
Despite the global crypto market dropping by 2% last week, APT demonstrated bullish momentum, with key indicators showing strong buying activity.
Aptos (APT) coins experienced a significant intraday surge, skyrocketing by nearly 20% after successfully unlocking 25 million coins on December 12th. This unlock, worth over $200 million, set off a significant buying frenzy that sent APT to its highest point since June. The coin rose past $9, reaching a height of $9.13, while investors watched.
3.21 million APT coins were distributed to community members, 12.2 million APT to the project’s creators, 8.42 million APT to investors, and 1.33 million APT to the Aptos Foundation as part of the unlocking event. The coin had a minor decline following the initial spike but recorded a 9% price increase over the previous day.
Bullish Sentiment Prevails Amidst Market Decline
Aptos (APT) showed signs of optimism even though the cryptocurrency market as a whole has declined over the previous week, with the two most popular coins, Bitcoin (BTC) and Ethereum (ETH), seeing declines of 6% and 4%, respectively. Despite a 2% decline in the value of the global cryptocurrency market during that time, APT accumulation was unabated.
APT’s daily chart’s key momentum indicators showed an upward trend. The Relative Strength Index (RSI) hit 58.64, while the Money Flow Index (MFI) was at 72.32, almost in the overbought area. These numbers indicated that among day traders, APT accumulation over selling. Furthermore, the coin’s Chaikin Money Flow (CMF), which has a value of 0.24 and indicates significant purchasing pressure, increased to its highest level since November 11, suggesting a consistent influx of liquidity into the APT market.
APT’s Futures Market Resilience
According to Coinglass statistics, APT’s open interest in the futures market notably increased over the past month, peaking following the coin unlock event. APT’s open interest as of the most recent report is $125 million, a 42% increase since the unlocking event. Within the last day, investors scrambled to increase their trading positions, which resulted in this spike in open interest.
Even though the overall market was experiencing unfavorable trading, APT’s price was able to post gains of more than 4% over the previous day. The coin demonstrated tenacity and upward velocity, which helped to fuel the significant value increase of Aptos tokens over the year. There was a 10% increase in value for APT after a period of price consolidation between $6.7628 and $7.1615. Despite facing rejection at $7.5603, the coin exhibited significant volatility and remained within this range for over two weeks.
Aptos Price Analysis: Navigating Ups and Downs
Price broke out of the consolidated zone and had a brief rebound before rejection at $7.5603, according to TradingView analysis of APT/USDT. The coin then showed notable volatility as it moved sideways in trade. After a 16% increase, APT’s price encountered resistance at $8.8025 and pulled back to $7.5603, its support level.
In recent trading, the price experienced a 22% surge, reaching $9.2243, but faced rejection, leading to a subsequent 10% decline in valuation. Traders and investors observed a dynamic interplay between positive and bearish forces, highlighting the coin’s volatility.
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