- The avalanche has increased by more than 100% in the last 30 days.
- Aptos’ stock moved only 5% last month, but market indicators were bearish.
The past month was generally a good time for investors as the market turned bullish.
Avalanche [AVAX] And Aptus [APT] both posted profits during that period. But one interesting similarity was that both blockchains unlocked a significant number of tokens in November, which usually causes a price drop.
So let’s dive deep to find out how these tokens performed in the bull market while injecting more tokens into their offerings.
Avalanche was not affected by the unlock
According to CryptoDiffer’s latest tweet, Avalanche and Aptos were the top tokens in terms of most unlocked tokens last month.
On one hand, AVAX unlocked tokens worth over $243 million, while on the other, Aptos unlocked tokens worth over $188 million.
Top 15 largest token unlocks performed in November$AVAX $APT $WBT $HFT $IMX $UNI $OP $SEI $GT #1 INCH $FIL $GMT $APE $LDO $NEARBY pic.twitter.com/ouxdYbCcpU
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) December 6, 2023
Typically, token unlocks are accompanied by price drops because they increase supply, which causes a drop in demand, which lowers the price of an asset.
However, that was not the case with any of the aforementioned tokens, which can be attributed to the bullish market conditions in November.
To put it in perspective, AVAX is up over 100% in the last 30 days. At the time of writing this was the case trade at $27.64 with a market cap of over $10 billion.
AMBCrypto then looked into it AVAX‘s on-chain metrics to better understand how it performed as the blockchain released new tokens.
According to our analysis, price volatility declined over a week after peaking on November 17, 2023. But the rest of the metrics looked good. Avalanche’s Binance funding rate remained green, meaning it was in high demand in the derivatives market.
Source: Santiment
The token’s Chaikin Money Flow (CMF) registered a sharp increase, suggesting that the token could further continue its bull rally.
However, AVAX‘s price reached the upper limit of the Bollinger Bands. Moreover, the Relative Strength Index (RSI) also entered the overbought zone, which could increase selling pressure.
Source: TradingView
How did Aptos do?
While Aptos didn’t move as much as AVAX, the former also posted gains last month.
According to CoinMarketCapAPT is up almost 5% in the last 30 days. At the time of writing, it was trading at $7.53 with a market cap of over $2 billion. Throughout the month, positive sentiment around the token remained high.
However, other numbers turned bearish. For example, open interest fell, which meant derivatives investors were not interested in buying APT.
Moreover, development activity also declined. This suggested that developers were putting less effort into improving the network.
Source: Santiment
How many Worth 1,10,100 APTs today
AMBCrypto called the future and then looked at APT‘s daily chart. The MACD clearly showed an ongoing battle between the bulls and bears.
The Relative Strength Index (RSI) moved south, meaning investors could expect a price drop. But the Chaikin Money Flow (CMF) was bullish when it went up.
Source: TradingView
