Massive sell-off alert amid $300 million token unlock on Friday

The layer-1 cryptocurrency developed by former Meta (Facebook) engineers, Aptos ($APT), may face a massive sell-off after April 12, Friday. That is due to a scheduled token unlock worth nearly $300 million, which may cause significant supply inflow to exchanges.

Notably, vesting contracts will unlock 24.84 million $APT by the end of the week, worth $298.11 million. This, according to TokenUnlocksApp data, represents 6.2% of Aptos’s market capitalization, which evidences its event’s relevancy for cryptocurrency traders.

In particular, ‘Core Contributors’ and ‘Investors’ will receive 81.7% of the unlocked tokens, summing up to 20.3 million. These entities will receive 11.88 million and 8.42 million $APT, respectively. Meanwhile, the ‘Foundation’ and the ‘Community’ will receive the remaining 4.54 million $APT – 1.33 million and 3.21 million each.

Furthermore, this token unlock is nearly 50% of all the $601.59 million cliff unlocks for the next seven days. Cryptocurrencies like Arbitrum (ARB), Starknet (STRK), ApeCoin (APE), and Render Network (RNDR) make up the other half.

Aptos ($APT) price analysis amid a $300 million token unlock

It is worth noting that Aptos traders already started selling off days before the reported token unlock. Interestingly, $APT reached a local high of $19.34 per token on March 26, trading in a downtrend since then.

A key point for the cryptocurrency was between April 3 and 8, testing the 50-day exponential moving average (EMA) support. Aptos failed to hold this level around $13.5 and registered a drop, leading to current prices at $11.83.

Now, the token could be heading toward two spotted supports in its daily chart against the dollar. One is at around $9.50 and the following meets the psychological round number of $8.00.

Therefore, these isolated targets make for a potential price range $APT could visit after the $300 million token unlock sell-off.

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