Date: Thu, Oct 24, 2024, 11:47 AM GMT
Celestia, the modular blockchain project that launched last year, has gained significant attention in the cryptocurrency world. It had an impressive debut, with a year-long lockup of its tokens that helped keep its price relatively stable.
The project’s native token, $TIA, reached an all-time high of $20.86 on February 10, 2024, and an all-time low of $1.92 on October 31, 2023. Since then, $TIA has surged 221% from its low, but it’s still 70% below its peak.
Token Unlock Breakdown
Now, Celestia is about to unlock a substantial portion of its token supply, marking a key moment for investors. On October 30, 2024, a total of 176.2 million $TIA tokens—worth about $1.07 billion—will be released into the market. This represents a whopping 80.77% of its current circulating supply. Whenever such a large number of tokens enter circulation, it raises questions about whether the influx will push prices down or if it will lead to further growth.
According to a recent report by Tokenomist on X (formerly Twitter), the upcoming token unlock will be divided as follows:
- Private Investors (Seed, Series A & B): 117.38 million $TIA, valued at $712.5 million
- Founders & Core Team: 58.21 million $TIA, valued at $353.35 million
What Analysts Are Saying: Bullish or Bearish?
The community is divided on how this unlock will affect the price of $TIA. Some traders fear that such a massive unlock could lead to selling pressure, causing a short-term dip. However, popular crypto chart analyst @CryptoFaibik has a different outlook. He shared his analysis on X, suggesting that $TIA is on the verge of a major breakout, predicting a midterm rally of up to 200%. His price target for $TIA is around $20, which would represent a significant recovery from its current price.
Current Price Action
As of today, $TIA is trading at $6.19, reflecting a 7% increase in the last 24 hours and a notable 10% rise over the past week.
Conclusion: What to Expect?
While token unlocks often trigger short-term price fluctuations, many analysts remain bullish on $TIA’s long-term prospects. Celestia has been one of the stronger performers in the crypto space, and if the project continues to deliver, we could see its price climb even higher after some initial turbulence.
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