Aptos Token Unlock Alert: Market Volatility Expected, Investors Watch

Aptos (APT) holders in South Africa and globally are gearing up for a period of heightened volatility following a significant token unlock event. The Aptos price recently faced a downturn after being rejected from the market’s peak at $14.55 on March 6, amid a broader market downturn. This scenario might intensify with the impending release of a substantial number of tokens into the market.

The Aptos network is set to release 24.84 million APT tokens on March 13, equivalent to $334.13 million (approximately ZAR 6.24 billion) at current exchange rates. This release will account for 6.73% of the circulating supply within the Aptos ecosystem. The allocations are designated for core contributors, investors, the foundation, and the community, with a significant portion expected to be sold for early profits. Core contributors and investors are poised to receive the majority of these tokens, heightening the potential for a market influx.

Currently, the Aptos price is perched at the critical support level of the 78.6% Fibonacci retracement at $12.79, within a market range defined by $6.32 to $14.55. Technical indicators, including a declining Relative Strength Index (RSI) and negative signals from the Awesome Oscillator (AO) and volume indicators, suggest a possible continuation of the downward trend. Should the bears dominate, the Aptos price might fall below the key support levels, testing further lows and potentially challenging the overall bullish sentiment in the market.

On-chain metrics further support a bearish outlook, highlighting discrepancies between development activity, price, and trading volume. A decrease in development activity, in particular, underscores the potential for a price drop. However, if traders view the current support level as an opportune buying moment, there’s a chance for Aptos price to recover and possibly reach the higher end of its market range.

As the South African crypto community and global investors watch closely, the upcoming token unlock on March 13 marks a pivotal moment for the Aptos ecosystem, potentially dictating the direction of its price in the short term.