ptos (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.
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.”
Main content of the article:
Aptos (APT) has seen a huge price rise of 450% in January, however, it has been experiencing a price correction in the last one week. Data from the daily charts show that holders have heavily distributed their APT tokens, which could indicate a decline in buying pressure. The team announced there would be upgrades on the network in near future and the sentiment for Aptos has been negative since the beginning of February. Despite this, the token is currently showing positive momentum with an upward price trajectory.
