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Aptos holders beware! Here’s why unlocks could bring more pain to market
The past two months have been a tumultuous period for Aptos (APT) investors. The token has faced steady selling pressure, and the bears seem to be in control. Meanwhile, the ongoing token unlocks and the panicked market sentiment will likely send APT lower. It is essential for Aptos holders to take note of these factors.
Firstly, it’s crucial to understand that Aptos lost its bullish order block above $11 (red box) in mid-December 2024. This led to a drastic change in its market structure, which has now turned bearish. Any attempts by the buyers to force a recovery have been met with failure.
The OBV (On Balance Volume) highlights one key reason for this. As shown in the chart, selling pressure has consistently outpaced buying pressure since December. This is evident in the recent attempts at recovery, which merely resulted in more liquidity being absorbed on the upside before a continuation of the downtrend.
Furthermore, the $5-level started a strong rally last August. Bitcoin (BTC), on the other hand, has skyrocketed by 78% since then despite the recent volatility. Meanwhile, Aptos is merely up by 11.87%. This lack of relative strength compared to BTC has depleted the conviction of bulls and will make any subsequent recovery that much more challenging.
It’s also worth noting that the 1-week heatmap has brought the $5.5 liquidity cluster into sharper relief. The $5.34-$5.5 area could be a viable spot for swing traders to buy a test of this area, potentially leading to a bounce at $6.3 and taking profits there.
However, it’s essential for Aptos holders to be cautious about the recent price action. As per CoinMarketCap data, an astonishing 50% of APT’s total supply is still locked up. This means that any token unlocks could have devastating consequences unless demand increases substantially or a long-awaited altseason occurs.
It would be prudent for investors to take profits aggressively given the altcoin-averse market sentiment recently and the looming threat of these token unlocks.
Source: https://ambcrypto.com/aptos-holders-beware-heres-why-unlocks-could-bring-more-pain-to-market/
