Celestia drops 15% after Eden launch – But TIA’s recovery depends on…

After a massive rally, Celestia’s [TIA] momentum was changing. On the 15th of October, TIA rallied to $0.76 after Celestia launched Eden. Since then, the altcoin has faced strong selling pressure, breaching $0.70 and dropping to $0.624. At press time, Celestia traded around $0.626, down 15% over the previous 24 hours. Trading Volume also dropped 60%, indicating reduced market activity. Why are Celestia’s longs under pressure? The price drop left Celestia [TIA] longs bleeding. According to CoinGlass, over $2 million in long positions were liquidated. These forced closures added selling pressure as traders’ bullish bets unraveled. Over the same period, Open Interest dropped 23% to $136 million, while Derivatives Volume fell 52% to $684 million. Falling Open Interest alongside declining prices pointed to positions closing.

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