Celestia (TIA) Under Dark Cloud Gigantic Token Un

Aside from the cliff unlock, which means many tokens are being released simultaneously, Celestia is set to execute a linear unlock of 5.41 million TIA tokens worth approximately $27.36 million. There will be $940 million worth of Celestia in the open, which could play out in multiple ways.

From one perspective, such massive crypto unlocks materialize in short-term selling pressure, which could imply further price drops. On the other hand, having the majority of tokens in circulation minimizes the chances of price manipulation by the largest entities.

Can Celestia’s Price Reclaim Double Digits?

Trading below $10 since early June, the innovative modular data availability (DA) blockchain bounced back by 142% from the all-time low of $2.08, witnessed on October 31, 2023. However, Celestia’s price was ten times higher than this a couple of months later, on February 10, 2024. Scoring an all-time high of $20.85, the altcoin backtracked 75.8% since the milestone.

Crypto analysts are exclamating the $4.80 support level, which was successfully retested on October 10, 2024. This time, Celestia’s technical implications suggest that large altcoin investors continue reducing their positions, evident in the -0.18 Chaikin Money Flow (CMF) index.

Aside from the negative large money netflows, the modular chain’s native token demonstrates a highly overbought position in the Stochastic Relative Strength Index (StochRSI), hovering between 95 and 91, according to TradingView’s four-hour crypto price charts.

As of press time, the #75-ranked altcoin is trading at $5.02, sliding down by 1.4% in 24 hours. Celestia is still well above a $1 billion market cap but has lost a staggering $258 million since the highest seven-day point on October 25, 2024. This signifies a 12.5% weekly drop, while most Derivatives traders tend to go short on TIA, as CoinGlass’s long versus short ratio points to 0.92.