APT, the native token of the Aptos Network, is currently making market waves as it prepares for its upcoming token release in July. According to data by CoinMarketCap, APT has gained by 10.14% in the last 24 hours, emerging as part of the top gainers in today’s market.
Aptos Anticipates New Token Release
According to data from the token tracker site Token Unlocks, 4.54 million APT tokens, valued at $36.94 million, are scheduled to be released on July 12. This upcoming token release will account for 2.17% of the total circulating supply.
For investors familiar with the APT market, this is quite normal, as the Aptos Network is programmed to unlock new tokens on the 12th of each month.
These tokens are released to the Aptos Foundation as well as its user community to support ecosystem projects, provide grants, and push other community growth initiatives.
Related Reading: Coinbase Stock Soars Nearly 12% As BlackRock Reveals Surveillance Partnership
However, while APT is currently gaining, the effects of token release on the market are unpredictable, as seen in previous times. In January, APT witnessed a jump of over 50% following the scheduled unlock but fell by 13% in February after the same event occurred.
Following the launch of the Aptos Mainnet in October 2022, the total supply of APT tokens stood at 1 billion. Of this amount, data from Token Unlocks shows that 166.35 million APT tokens have been unlocked so far, representing only 17% of the total supply.
APT Price Analysis
On Saturday, October 19, 2022, the Aptos (APT) token made an impressive debut in the crypto market, reaching a market price of $100.
However, this was followed by a sharp downturn as the price plunged to the $3.5 level. Over the next three months, APT gradually recovered and climbed to the $20.00 price zone, where it was resisted.
Since then, the token has experienced an overall bearish trend losing over 58% of its value to date.
Looking at the APT hourly chart, the token’s current price movement suggests it has encountered a resistance zone at the price level of $8.33.
If APT is able to break through this barrier, it will continue its bullish momentum and possibly trade as high as $8.82, which appears to be the next resistance zone.
Related Reading: USDC Circulating Supply Down 38% Since Jan. 1 – Will It Affect Price?
However, failure to push past the $8.33 price mark may induce a bearish trend with the possibility of the token falling to a market price of $7.14, which represents the next support level.
At the time of writing, APT is currently trading at $8.1556, with a 0.17% decrease in the last hour. The token’s daily trading volume is also up by $276 million, with a 137% gain. Aptos stands as the 33rd biggest cryptocurrency with a market cap of $2 billion.