Aptos (APT) Price Prediction: On Chain Data Shows Buy Opportunity?

Aptos (APT) News: Amid price correction phase in the crypto market, Aptos, the layer 1 blockchain protocol, stands as the top 30 cryptocurrency which lost most value in the last one week. It appears that APT is currently witnessing low buying pressure, which is translating into decline in price. In comparison with the huge price rise APT saw in January 2023, the ongoing correction is only negligible. On the flip side, the Aptos team announced there would be upgrades on the network in near future.

Also Read: Dormant Dogecoin Wallet Wakes Up From Dead; DOGE Price Surge Incoming?

In the month of January alone, APT price rose by a whopping 450%. As of writing, APT price stands at $15.14, down 3.34% in the last 24 hours, according to CoinGape price tracker.

Trader Distribution Hints At Bearish Sentiment

Recent data from the daily charts show that holders have heavily distributed their APT tokens. This could essentially mean there is a decline in buying pressure and is usually accompanied by a price drawdown, according to Santiment Insights. The token, however, is currently showing positive momentum with an upward price trajectory. Overall, the sentiment for Aptos has been negative since the beginning of February. This has to do with uncertainty around the longevity of last month’s huge price rise.

“Weighted sentiment for APT was negative and has so been since the month started. This showed that negative sentiment lingered in the market as investors remain unsure of a continued price rally.”

Also Read: Half A Billion XRP Moved Amid Price Drop; What’s Happening?