Aptos (APT) has unlocked approximately $200 million worth of tokens about 6 hours ago, with more on the way. What do these unlocking events mean for APT Coin and why is the year 2024 of critical importance?
The current circulating supply of 234 million APT is expected to reach 435 million by the end of 2024. This means that the circulating supply will almost double. If the demand does not at least double, a decrease in token price is expected.
The Aptos team will release many more tokens in 2024 by doubling the current circulating supply. The total size of the unlocking events planned for next year could reach $1.5 billion at current prices. Without a significant increase in demand, this could lead to considerable drops in the price of APT.
Despite the unlock, APT Coin has recovered somewhat, following the increase in the price of BTC, and at the time of writing, its price was at the level of $8.15. On the other hand, a competing altcoin like Solana, while maintaining its support at $7.35, could not rise above $8.56 and the expected rally did not start.
In an environment where everything from interest rate decisions to inflation data affects the markets, the price of APT Coin will struggle to overcome the $8.56 barrier. If it fails, it can fall below the support of $7.35, down to $6.5 and $5.85. In an environment where Bitcoin is experiencing heavy selling pressure, the last support is at the level of $4.8.