Halloween has come for TIA and OP, as Optimism Crypto is set to release 31,340,000 OP tokens, about 2.50% of its circulating supply, into the wild. While Celestia crypto has even scarier token unlocks planned.
This Layer 2 solution is Ethereum’s answer to its own bottlenecks, using optimistic rollups to boost speed and cut costs.
Meanwhile, the modular data availability network Celestia ($TIA) has joined the token unlock party with its biggest token unlock ever. Here’s what you need to know.
$TIA unlocks of 176m tokens today:
– Total value of $900m to be unlocked
– Apparently 92m tokens aren't staked but the rest is, therefore an actual potential sell pressure of $469m
– Total of 739m tokens still staked at 10.65% APR
– Hedging shorts unwinding and funding rate… pic.twitter.com/SxGPMsm08m— Nemi ネミ (@Nemi_0x) October 30, 2024
Optimism Crypto Price Analysis: Will Latest Token Unlock Spook OP Price?
Optimism is one of the most essential cryptocurrencies for scaling the Ethereum ecosystem. And at this point, it seems like roll-ups and layer-2s will outperform Ethereum this cycle, which is currently struggling.
Think of Optimism crypto as cramming a freeway full of transactions into a single lane and watching them zoom past the toll booth. Compatible with Ethereum’s usual suspects—Solidity and EVM—developers will find it a smooth ride to shift gears onto this platform.
I believe that Layer 2's are going to be thriving in the coming period.$OP is slowly building up for a big breakout.
Once it gets to $1.80-1.90, I assume we'll see a breakout to $3 next.
Good times are ahead. pic.twitter.com/duUEz5Us2K
— Michaël Van de Poppe (CHAT ACCOUNT) (@Crypto_MichPope) October 30, 2024
Currently, Optimism crypto
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is trading at $1.78, and its 20-day SMA is sitting at approximately $1.71. This shorter-term moving average aligns with the recent price, hinting at sideways consolidation with a mild bullish bias. The 200-day SMA is around $1.70, providing additional long-term support close to current levels.
This morning, the charts lit up with a golden cross as the 20-day SMA danced over the 200-day SMA, signaling a potential rally. It’s the kind of setup that gets traders buzzing, hinting at a bullish horizon ahead.
The Bollinger Bands are stretching their legs a bit, hinting at more market volatility, which makes sense with the 2024 presidential election less than a week away. $OP is also cozying up to the upper band of the Bollinger bands, flirting with a continued bullish upside. If it keeps its head above the median, we might see a wave of buying pressure crash in.
All in all, Optimism is in a relatively stable position, consolidating around key support at $1.70 with resistance at $1.74. The recent bullish golden cross between the 20-day and 200-day moving averages hints at the potential upside, especially with the token unlock happening tomorrow.
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Celestia Crypto: TIA Price Will Crumble In Face of Mega Unlock
Celestia Crypto’s token unlock is currently ongoing and has a major impact on the price, but not in a good way.
Celestia
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is trading at $4.85, with its 20-day SMA hovering around $4.95, marking a flimsy support line. It’s a lukewarm scene after the token unlocks. Meanwhile, the 200-day SMA is hovering around $5.10, creeping down and casting a bearish death cross with the 20-day SMA.
With the Bollinger Bands squeezed, volatility’s on a leash, yet the price keeps nudging the lower band, a sign of bearish pressure. Sitting near the lower band points to oversold signals, but there’s a lurking threat of further decline unless it bounces back to the middle band.
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A Final Thought on These Unlocks
With Celestia experiencing a major sell-off, we might see a similar trend for Optimism tomorrow. You were warned.
Volatility is expected across the entire crypto landscape in the days heading toward the election on Tuesday. Until then, double down on coins you’ve researched thoroughly and can sleep at night knowing you hold.
The post Optimism Crypto and TIA Head For Big Unlocks: Will Scheduled Releases Trigger Downside Price Moves? appeared first on .