SUI and Celestia (TIA) under the spotlight

During the month of October, several token unlocks will occur, including those of SUI and TIA (Celestia). 

In total, at current prices, tokens worth more than two billion dollars will be unlocked, with a possible negative impact on prices. Let’s see together how to behave and how to prepare for the market reaction.

October: token unlock in sight for SUI and Celestia (TIA)

Already today, October 1, 2024, there will be an unlocking of 64.5 million tokens for the cryptocurrency SUI, for a total amount exceeding 110 million dollars. 

Currently, the circulating supply of SUI is 2.76 billion tokens out of a total of 10 billion, therefore today’s unlock will only impact by 2.3%. However, it is still a percentage that could negatively affect the price, increasing the circulating supply and perhaps also the supply of SUI on the crypto market.

This cryptocurrency was launched in May of last year, and the initial price was about 1.4$.

Until October, the price had done nothing but fall, reaching a low of $0.36, but with the start of the last bullrun, it managed in a short time not only to return to the initial price but also to exceed $1.8 in February of this year. 

The absolute peak was recorded in March, at almost 2.2$, but subsequently its price had fallen again to below 0.6$.

Starting from mid-September, however, it recovered, with a rebound that brought it back close to $1.9.

For now, it is a decidedly speculative cryptocurrency, even though behind it there is a crypto project that seems serious and potentially long-lasting. 

In the last seven days, despite the anticipation for the token unlock, its price has risen by 22%, even reaching the highest level of the last few months just today.

At this point, it might seem strange that today’s unlocking could actually cause a decline, even though it remains absolutely possible. 

All the token unlocks expected for October

From here until the end of the month, at least other important sectors of token releases are expected. 

It will start on Friday, October 4th with the unlocking of 27.92 million IMX tokens (IMX), worth approximately 48 million dollars, and then move on to one of the larger ones on October 10th, namely the unlocking of 23.44 million CHEE tokens (Cheelee), for a total exceeding 305 million dollars. 

Around the middle of October, three unlocks will occur. 

On October 12, 11.31 million APT (APT) tokens will be unlocked, for a total of approximately 90 million dollars, followed two days later by the unlocking of 12.56 million AXS (Axie Infinity), for about 66 million, and two days later by the unlocking of 93.65 million ARB (Arbitrum) for another 59 million.

On October 31, the last two major unlocks will occur, namely 24.16 million OP (Optimism), for a total of about 45 million dollars, and especially the unlock of 175.75 million TIA (Celestia) for about 1 billion dollars.

The unlocking of TIA tokens (Celestia): selling pressure coming?

Of the approximately two billion dollars abundant of tokens unlocked in October 2024, almost half are made up of the 175.75 million TIA that will be unlocked at the end of the month. 

Celestia made its debut on the crypto markets last October, just as the latest bullrun was beginning. 

Its initial price was $2.2, and that launch generated a lot of buzz because the price skyrocketed immediately, reaching an all-time high already in February 2024 at nearly $21. 

Definitely the main cause of such a result (+850% in four months at launch) was the timing of the launch, which occurred just as the bull run started, so much so that from March onwards the price began to fall. 

The decline that started in March lasted until September, when the price of TIA reached $3.7 before recording a rebound. 

The current price of $5.7 is very far from the February highs (-73%), but it is still much higher than the launch price of a year ago. 

It is worth noting, however, that in the last week it has been losing 6.5%, probably also due to the fact that it is known that many tokens will be unlocked at the end of October. 

Its circulating supply is 214 million tokens, out of a total of about 1 billion, so the unlocking on October 31 will concern 81% of the circulating supply. Just think that as of today TIA capitalizes 1.2 billion dollars, while in October tokens worth about one billion dollars will be unlocked. 

At this point it is clear that, despite in theory Celestia can be considered a serious and long-term crypto project, it is extremely difficult for the price of its cryptocurrency TIA on the crypto markets to perform well in the medium/short term.