Celestia, a modular blockchain network, plans a major token unlock in October, with $1 billion in TIA tokens set to debut. This move prompts selling among existing holders, potentially driving TIA's value down by 30%.
The token unlock, set for October 30, will release 175.56 million TIA tokens, equating to 81.86% of its circulating supply. Early supporters, seed investors, and core contributors will receive these tokens.
The market anticipates this event with uncertainty, as reflected by the increased selling pressure on TIA. Over the past week, TIA's price has dropped 18%, making it the weakest performer among the top 100 cryptocurrencies.
TIA's Relative Strength Index (RSI) falls at 46.42, suggesting neutral market conditions but with a selling bias. Meanwhile, TIA's negative funding rate, at -0.022%, indicates a bearish trend, with traders favoring short positions over long ones.
The continuous selling might see TIA's price hitting $3.72, matching its low from September 4. However, a change to bullish sentiment could potentially elevate prices towards $10.37.
