dropped by 7% in the last 24 hours as investors adjusted ahead of a planned token unlock.
The broader cryptocurrency market also declined, with the CoinDesk 20 index down 4.2% at the time of publication, as per CoinDesk Research’s technical analysis model.
Trading volume surged 38% above the 30-day average as APT pulled back from an early high of $1.90, where significant trading reached 6.81 million tokens, nearly three times the usual levels.
Increased selling pressure emerged as traders anticipated the planned release of 11.3 million APT tokens, equivalent to 1.5% of the total supply intended for core contributors and early investors.
Price action remained weak after the rejection at $1.90, with APT creating a pattern of lower highs and lower lows.
The token found initial support around its current levels after testing $1.69 several times, though volume patterns indicated an ongoing distribution by larger holders.
Technical Analysis
- Primary support zone formed at $1.69-$1.70 following three successful defense attempts
- Major resistance identified at $1.91 where significant volume indicated heavy selling interest
- Daily trading activity running 38% above the 30-day moving average, indicating institutional involvement
- Peak volume of 6.81M tokens (180% above normal) occurred at $1.90 resistance, confirming distribution
- Descending pattern from $1.90 peak established a near-term bearish structure with lower highs
- A break above $1.71 is needed to challenge stronger resistance near the $1.90 session high
- Failure of support below $1.69 could trigger the next major decline based on earlier consolidation zones
Disclaimer: Portions of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more details, refer to CoinDesk’s full AI Policy.
