TIA token has dropped over 9.52%, from $6.41 to a low of $5.80, now trading around $5.84.
Celestia launched its Shwap upgrade on the Arabica and Mocha testnets to boost data sampling speed and storage efficiency.
The TIA token has seen a significant price drop of over 9.52% in the past 24 hours, sliding from a high of $6.41 to a low of $5.80. As of now, TIA is priced at approximately $5.84, showing a slight recovery from its intraday low. This decline comes despite the recent launch of Shwap, Celestia’s first data availability (DA) network upgrade, which was activated on the Arabica and Mocha testnets on October 15th.
Shwap aims to revolutionize data availability by boosting sampling speed by 12 times while reducing storage needs by 16.5 times. This upgrade designed to support larger blocks and smaller nodes, enhancing DA throughput and making it easier for anyone to run light nodes through browsers or wallets. These improvements not only speed up existing crypto applications but also pave the way for new ones utilizing any virtual machine (VM). Shwap set to enter the mainnet Beta phase in November after further testing.
Will Upcoming Token Unlocks Increase Selling Pressure on Celestia (TIA)?
Celestia (TIA) faces additional challenges as analysts predict increased selling pressure by the end of October. Approximately 175 million TIA tokens, which represent 16.4% of the total supply, are set to be unlocked to coincide with the modular blockchain’s one-year anniversary. Currently, the circulating supply of TIA stands at 214.24 million out of a total of 1.073 billion tokens. To date, a total of 267 million TIA tokens have been unlocked.
With TIA’s current market cap hovering around $1.27 billion, the upcoming unlocks could lead to volatility. Historically, tokens with less than 70% of their supply distributed often experience larger fluctuations during such events. Meanwhile, Celestia’s price has also dipped, down 9.52% in the last day, indicating a tough road ahead as it battles against key resistance levels.
In terms of technical analysis, TIA’s MACD line is below the signal line, indicating a bearish trend, while the RSI (Relative Strength Index) reading of 61 suggests that the asset is in a relatively strong position but not yet overbought. These technical indicators point to a cautious outlook for TIA as it navigates these market dynamics.