APT gains 10% before July token release.

APT, the native token of the Aptos Network, is currently experiencing significant market growth as it prepares for its upcoming token release in July. According to data from CoinMarketCap, APT has increased by 10.14% in the past 24 hours, making it one 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 a regular occurrence, as the Aptos Network unlocks new tokens on the 12th of each month.

These tokens are released to the Aptos Foundation and its user community to support ecosystem projects, provide grants, and drive other community growth initiatives.

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However, while APT is currently experiencing growth, the effects of token release on the market are unpredictable, as seen in previous instances. In January, APT saw an increase of over 50% following the scheduled unlock but fell by 13% in February after the same event occurred.

After the launch of the Aptos Mainnet in October 2022, the total supply of APT tokens reached 1 billion. According to data from Token Unlocks, 166.35 million APT tokens have been unlocked so far, accounting for only 17% of the total supply.

APT Price Analysis

On Saturday, October 19, 2022, the Aptos (APT) token had an impressive debut in the crypto market, reaching a market price of $100.

However, this was followed by a sharp decline as the price dropped to $3.5. Over the next three months, APT gradually recovered and reached the $20.00 price zone, where it faced resistance.

Since then, the token has experienced an overall bearish trend, losing over 58% of its value to date.

APT Trading At $8.15 On The 1-Hour Chart | Source: APTUSD Chart On Tradingview.com

Looking at the APT hourly chart, the token’s current price movement suggests that it has encountered a resistance zone at the $8.33 price level.

If APT can break through this barrier, it will continue its bullish momentum and potentially trade as high as $8.82, which appears to be the next resistance zone.

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However, failure to surpass the $8.33 price mark may lead to 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 has also increased by $276 million, with a 137% gain. Aptos is currently ranked as the 33rd largest cryptocurrency with a market cap of $2 billion.

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