Celestia

Date: Wed, Oct 30, 2024, 06:21 PM GMTThe Celestia (TIA) community has been closely monitoring today’s long-awaited <a href="https://coinsprobe.com/massive-1-04b-token-unlocks-to-hit-the-market-this-week-tia-sui-and-op-in-the-spotlight/" rel="noopener noreferrer nofollow">token unlock </a>event, which saw the release of a massive $839 million in TIA tokens into the market. Following this event, Celestia&#39;s price has faced significant downward pressure, with the token declining 9% to its current trading price of $4.82.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2ed7ed522b8e479b886cba28e69ad209.png" />Source: Coinmarketcap<h3 id="token-unlock-details">Token Unlock Details</h3>The Celestia token unlock concluded at 2:00 PM UTC, roughly five hours ago. In total, 175.59 million TIA tokens were unlocked, amounting to 44.08% of the circulating supply.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1b8c0a36aec44c27ad8f8b72a1acf805.png" />Source: <a href="https://tokenomist.ai/celestia" rel="noopener noreferrer nofollow">Tokenomist</a>This event brings significant liquidity to the market, with allocations as follows:<ul><li>Private Investors (Seed, Series A &amp; B): 117.38 million TIA</li><li>Founders &amp; Core Team: 58.21 million TIA</li></ul>Both private investors and early team members have substantial gains on their initial investments, and this profit realization could contribute to the sell-off pressure seen post-unlock.<h3 id="technical-analysis-what-lies-ahead">Technical Analysis: What Lies Ahead?</h3>The TIA price chart reveals key support and resistance zones that could shape the token&#39;s near-term movement:<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5f31181b1205402b93284d89cc250ea0.png" /><ul><li>Support Zone ($4.54 to $4.85): Currently, TIA is hovering near the $4.80 mark, which lies within a critical support range. This level has historically provided stability, and holding above $4.54 could signal potential strength and attract buyers. However, if TIA fails to maintain this support, it may decline further to test the $3.89 level, which represents a lower support.</li><li>Resistance Zone ($6.50): If TIA can secure a rebound from the current support, a move toward the $6.50 resistance level could materialize. A breakout above $6.50 might trigger renewed bullish sentiment and encourage further buying momentum.</li></ul>The Relative Strength Index (RSI) indicator currently hovers around 50, indicating a neutral market stance. However, if buying pressure increases, an upward trend in RSI could confirm a shift toward a bullish sentiment.<h3 id="market-sentiment-and-broader-trends">Market Sentiment and Broader Trends</h3>The broader crypto market sentiment remains <a href="https://coinsprobe.com/mantra-om-gains-bullish-momentum-following-google-cloud-partnership-new-ath-soon/" rel="noopener noreferrer nofollow">bullish</a>, as Bitcoin has recently surged to a new high of $72,000. This positive environment could provide tailwinds for TIA, enhancing its recovery potential alongside other major cryptocurrencies. As a modular blockchain platform with growing interest, Celestia&#39;s fundamentals remain strong, despite the short-term sell-off pressures due to the token unlock.<h3 id="conclusion">Conclusion</h3>The next few days will be critical for TIA. If it holds above the $4.54 support and sees a rebound, it could initiate a recovery toward $6.50. However, a sustained break below $4.54 could introduce further downside. Market participants may look to Bitcoin’s performance and overall market sentiment for clues on TIA’s next move.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/oasis-rose-on-the-verge-of-major-breakout-is-now-time-to-jump-in/" rel="noopener noreferrer nofollow">Oasis (ROSE) On The Verge of Major Breakout—Is Now Time to Jump In?</a>

Celestia (TIA) Price Declines Post Massive $839M Token Unlock—What Lies Ahead?

Table of Contents

CoinsProbe

Other articles published on Oct 30, 2024

Michael Saylor posts fake quote from Trump on crypto to 3.6M followers

Bitcoin life insurance is offering BTC hodlers new tax advantages

Matt Hougan Says We’re Going Upwards Regardless Of Who Wins; $100,000 For BTC?

Winklevoss-Led Gemini Gains Approval to Expand In Singapore

Cybersecurity Breach Targets Lottie Player Users

SuperEx丨What is the “Trump” trade? Why it’s blowing up the market？

Join our free newsletter for daily crypto updates!