The price of Bitcoin is currently trading at $29,500. Meanwhile, APT Coin is up 8% to $7.25. Following the Microsoft news yesterday, investor appetite for Aptos has increased. So, what are the potential price targets? What major development on Saturday will impact the Aptos (APT) price?
Aptos Coin (APT)
Aptos (APT) saw a rise after the announcement of its partnership with Microsoft. However, there will be a significant unlocking on Saturday. In our warning on Sunday, we mentioned that approximately $33 million worth of tokens would be unlocked. The release of over 2% of APT’s supply into circulation could create pressure on the price.
Unlocking the tokens increases the circulating supply of a token on the open market, which may lead to a decrease in price if owners choose to sell and demand cannot keep up. Aptos has previously faced criticism from the crypto community for its tokenomic and token distribution concerns. Early investors and the Aptos Foundation hold nearly half of the 1 billion tokens issued. In contrast, Ethereum allocated only 9.9% of its supply to the founding team and 9.9% to the Ethereum Foundation during its 2015 issuance.
Aptos Labs’ announcement of expanding its tools and services using Microsoft’s artificial intelligence technology has boosted the price, but the unlocking may cause a decline. The planned products include a chatbot called Aptos Assistant and AI tools for smart contract programming.
APT Coin Price Chart Analysis
After reaching a peak of $20 earlier this year, the price has formed lower highs. It failed to close above the $7.66 resistance zone after dropping to $5.48 on June 10.
As of writing, the APT Coin price is at $7.27, unable to break above $8 following the recent news. Short-term support is at $7.24, and closing below it could erase most of yesterday’s gains. In this scenario, a drop to the $6.79 support level would not be surprising, especially considering the concerns about the upcoming unlocking on Saturday.
The upcoming inflation data in the afternoon will also not be favorable for crypto due to rising fuel prices.