Aptos (APT) has enjoyed a strong rally in recent weeks, but investor sentiment is shifting as a major token unlock approaches.
The token surged nearly 43% from $3.91 on Sept. 26 to $5.57 on Oct. 5, buoyed by ecosystem partnerships and renewed activity. However, APT slipped 3.5% in the past 24 hours to $5.34 as traders brace for a $60.5 million unlock scheduled for Oct. 11. According to Tokenomist, the event will release more than 11.3 million APT tokens—roughly 2.15% of circulating supply—into the market.
Token unlocks typically trigger selling pressure, especially if demand fails to absorb the new supply. CoinGlass data already shows declining open interest in Aptos futures, down 1.45% in the past day, while funding rates have flipped negative, signaling a tilt toward bearish sentiment.
Yet, optimism persists. Bitwise recently filed for an APT exchange-traded fund (ETF), a move that could bring institutional visibility and offset some of the anticipated sell-offs. Additionally, the Aptos ecosystem reported record monthly app revenue of $4.43 million in September, while stablecoin liquidity on the network has surged by 17% over the past week. This rise in capital inflows reflects growing engagement across lending platforms, liquidity pools, and decentralized exchanges.
From a technical perspective, Aptos recently broke out of a descending triangle pattern and is trading above all major moving averages. Momentum indicators such as the MACD suggest bullish sentiment remains in play. Key support is seen at $4.84, while immediate resistance sits at $5.67, the Oct. 5 peak.
As Aptos heads toward the Oct. 11 unlock, the balance between selling pressure and ecosystem growth will determine whether the token can sustain its bullish momentum or face a sharp reversal.
