ApeCoin may have hit a local top after a steady climb of 78% over the past six weeks, according to Santiment Analytics.
The research firm said a divergence between network growth and price is taking shape, which may lead to downward pressure on the token, indicating that a local top may have started to form around January 23.
Whale activity may be another indicator of a local top. In the month of January, whale activity rose significantly with the number of APE sellers exiting at between $4.00 and $6.00.
The staking contract has also seen a flattening of deposits over the last seven days.
Wallets containing between 10,000 to 100,000 APE have also tapered since the APE staking release in December.
As of press time, APE is up more than 2x since hitting its low of $2.63 in November 2022.
ApeCoin currently sits atop the metaverse token leaderboard with a total market capitalization of $2.16 billion as of January 31.
