Celestia’s TIA suffers nearly 10% loss following $900 million token unlock

Celestia’s TIA is experiencing a significant loss of nearly 10% due to the recent unlocking of $900 million worth of tokens. This token unlock has caused fear, uncertainty, and doubt (FUD) among investors and has led to a negative sentiment surrounding the project. Celestia unlocked 176 million TIA tokens, representing 80% of its current supply, which has resulted in a sharp decline in the token’s price. It is believed that this unlock could potentially trigger a correction if the token fails to bounce off the $4.506 support level. However, Taran Sabharwal, the CEO of Stix trading platform, has clarified that not all of the unlocked tokens will be immediately available for sale. He stated that there is a 21-day unstaking period and only a portion of the unlocked tokens will be sold, reducing the expected selling pressure. Despite this, investors are still expecting further selling pressure in the coming days. The future performance of TIA will depend on its ability to hold above the $4.506 support level, with a bounce potentially leading to a test of the descending trendline resistance. However, if the support level fails to hold, TIA could experience a significant sell-off, triggering further price declines. The current downward trend is reflected in the Relative Strength Index (RSI) and Stochastic indicators, which indicate increasing selling pressure.