Aptos price rallies towards $18 target after $330 million token unlock

Aptos (APT) price is increasing on Tuesday, defying the sharp sell-off among main crypto assets. The scalable Layer 1 proof-of-stake blockchain recently unlocked over $334 million worth of APT tokens on March 13. While token unlock events are typically followed by a correction in prices, APT sustained its rally. 

Aptos Labs, developers of the APT token, recently announced a gaming experience in Game Developers Conference (GDC) 2024 for attendees, and celebrated its new gaming universe: Idle RPG and Project ARK in collaboration with Supervillain Labs. Aptos is a Layer 1 chain that competes with the Ethereum blockchain, offering users cheaper transactions on its blockchain. 

Also read: Aptos holders brace for volatility with $334 million worth of APT due to flood markets

Aptos price sustains uptrend amidst marketwide correction

Aptos price corrected in response to token unlocks for three consecutive times in November, December, and January 2024. However, the past two unlocks were followed by an increase in APT price. Bitcoin’s price rally at the beginning of the year and subsequent profit rotation likely catalyzed the gains in Layer 1 tokens like APT. 

Data from Tokenunlocks shows that APT unlocked over $330 million worth of tokens on March 13, nearly a week ago. This represented more than 6% of its circulating supply.

Aptos recently collaborated with Supervillain Labs and released a game demo of Idle RPG in February. On March 15, the game creator released a teaser clip for two of its projects, Idle RPG and Project ARK. Since the game uses the Aptos blockchain to power the gaming experience, the release is a key milestone for Aptos Labs and likely a catalyst for its native token APT. 

The Layer 1 blockchain announced a Web3 gaming experience for the Game Developers Conference 2024 on March 19, another positive development in its ecosystem. 

APT price showed strength on Tuesday despite the Bitcoin-induced sell-off in top cryptocurrencies. 

Aptos emerges as a gainer among top cryptocurrencies. Source: TradingView

Aptos price eyes gains

Aptos price is currently in a multi-month uptrend. The Layer 1 token hit its year-to-date peak of $15.81 on Sunday. While APT price experienced a minor pullback since then, the uptrend appears to be intact. The Moving Average Convergence/ Divergence (MACD) indicator shows green bars, signaling positive momentum persists. 

While the Relative Strength Index (RSI) crossed into overvalued or overbought territory above 70 on Friday, APT’s RSI fell back under 70 since then,staying at 64.99 at the time of writing. In its uptrend, APT price could climb towards the $18 target that coincides with the 127.2% Fibonacci extension of the asset’s rally to its year-to-date high. 

APT/USDT 1-day chart 

A daily candlestick close under the $14 level, which aligns with the 78.6% Fibonacci retracement level, could invalidate the bullish thesis for APT and signal a correction in the Layer 1 token. In such a scenario, APT price could dip into the Fair Value Gap on the weekly price chart, which is placed between $10.25 and $11.33.