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For crypto investors, key unlock events are extremely important because they have the potential to directly affect the price. Aptos (APT) conducted a significant unlock of approximately $200 million worth of tokens about 6 hours ago, and more is on the way. So, what do these unlock events mean for APT Coin? Why is 2024 critically important for it?
APTOS Token Unlock
The project, which unlocked $200 million worth of tokens 6 hours ago, will release an equal amount of tokens into circulation in 30 days. Moreover, the total size of unlock events planned for next year could reach $1.5 billion at current prices. This figure, which should concern investors, could lead to significant drops in APT price if there isn’t a substantial increase in demand.
The graph above shows how the circulating supply will increase with the planned unlock events. The Aptos team, which has just started its major unlock events, will do much more in 2024. While the current circulating supply is 234 million APT, by the end of 2024, this number will have increased to 435 million. In other words, roughly 200 million tokens will enter circulation, doubling the circulating supply.
If demand does not at least double while supply does, a decrease in token price is expected. Furthermore, the substantial increase in supply next year could disappoint those expecting a parabolic rally.
APT Coin Price Prediction
Following the rise in BTC price, APT Coin managed to recover somewhat despite the unlock event. The price at the time of writing is $8.15. Solana, a rival altcoin that has been maintaining $7.35 as support, couldn’t close above $8.56, therefore, the anticipated rally journey has not yet started. In the coming hours, as everything from interest rate decisions to inflation data impacts the markets, APT Coin’s price will also struggle to overcome the $8.56 barrier.
If it fails to do so, it could fall below the $7.35 support to $6.5 and $5.85. In an environment where Bitcoin is experiencing heavy sell-offs, the ultimate support lies at $4.8.
The weekly chart indicates that for a parabolic rally, the price needs to exceed $9.1; if it can do that, it may target peaks of $14.2 and $20.4 next year. The degree to which demand will increase against the new supply entering circulation will be what determines APT Coin’s price performance in 2024.
