The performance of the Celestia token (TIA) maintains confusion among traders due to unorthodox behavior for a financial asset. With a performance of over +33% in the last month, the token contradicts expectations of a bearish trend.
The assumption that the TIA price would decline is based on a scheduled unlocking of 175.7 million tokens on October 30. Basically, such a large number of coins in circulation translates into excess supply, which generates downward pressure. This logic led a significant number of operators to open short positions in the token against the dollar.
However, the price of the token surprised with higher than expected demand. As a result of this, the price of the currency increased to the current $6.40 per unit, which represents a year-on-year increase of +230% according to data from CoinMarketCap.
According to information collected by CoinDesk, this unexpected trend led traders to unwind their short positions. Such a situation translates into an increase in positive perception in the market. In this way, the Celestia token, TIA, is presented as one of the strongest bets in the crypto world at the moment.
Celestia (TIA) seems to overcome the problems and remains in a strong uptrend. Source: CoinMarketCap
Other compelling reasons for the good momentum of Celestia’s TIA token
The good momentum of the Celestia digital currency is not limited to what is described above. The ability to beat next month’s million-dollar token unlock is primarily due to the strength of this network. This potential is seen by large investors, which translates into huge capital injections.
For example, this week it was learned that the Foundation behind this network raised $100 million dollars. That fundraising round was led by Bain Capital Crypto and sparked enthusiasm among investors. Until then, the currency had a negative performance so far in 2024.
In any case, that situation has already been reversed and the token is on the path despite the aforementioned massive unlocking in October. An important fact about the performance of this token is that it reached its all-time highs in February of this year, when it reached $20.77. Despite the subsequent collapse, its performance remains green year-on-year. On September 6, the currency hit the lows of the current cycle up to $3.7 dollars.
The events described above suggest that the Celestia token (TIA) is now ready to overcome the volatility stage. In that sense, the rally underway would consolidate in the coming weeks.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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