CandleFocus

Celestia’s (TIA) 176 Million Token Unlock Stirs Market Unrest

The price of TIA has dropped by nearly 10% in the past 24 hours due to the 176 million token unlock by Celestia. The influx of new tokens has increased TIA's circulating supply and put downward pressure on its price. While not all of the unlocked tokens are immediately available for sale, there is still expected selling pressure of 92.3 million TIA. The selling pressure has caused the Relative Strength Index (RSI) to trend downward, indicating more selling than buying activity. Interestingly, TIA's futures traders have adopted a bullish outlook, as reflected by the positive funding rate. If selling pressure continues, TIA's value may decline further, potentially reaching a multi-month low of $3.72. However, a bullish reversal at the support level of $4.71 could lead to a recovery and a potential breakout above the resistance level of $6.83.

Related News