Aptos Surges After Token Unlock, Faces Bearish Trend

Aptos (APT) has seen a notable rally of 24% following its recent token unlock, but the cryptocurrency has yet to surpass the $12 mark. Despite the price jump, market sentiment has turned bearish, and APT is currently facing challenges that could hinder further growth.

After the token unlock, Aptos released 11.31 million tokens into circulation, leading to a surge in its price from $8.04 to a high of $10.70 within days. However, the momentum quickly faded, and APT pulled back to $9.99, suggesting that buying pressure may be waning.

One of the factors behind this drop is the weighted sentiment around Aptos, which measures the general mood of the market based on social media activity. Weighted sentiment has hit its lowest level since July, indicating that investors are increasingly pessimistic. When sentiment turns negative, it often points to reduced confidence in the asset’s future performance, which can affect demand and prices.

Another key factor is the sharp drop in trading volume. On October 13, volume spiked to $600 million, showing heightened interest in APT, but it has since declined to $210 million. This decrease in volume reflects a loss of momentum, making it harder for the price to keep climbing.

Historically, Aptos has struggled to break through the $10 mark, and this pattern appears to be repeating itself. The resistance at $10.76 has proven to be a tough barrier, and without a significant increase in buying pressure, APT is likely to face further declines. Analysts suggest that APT could lose up to 15% of its value in the near term, potentially falling below $9.

Despite the current downturn, it’s important to note that if volume and buying interest rebound, Aptos could recover and push toward higher levels. However, at this moment, the outlook remains cautious as the bearish trend dominates. Investors are advised to monitor market sentiment and trading activity closely to gauge whether APT can reverse its current path.

In summary, Aptos’ recent rally has been impressive, but the token is facing headwinds that may prevent further growth unless market conditions change.