Starknet’s STRK token has lost nearly 10% of its value just a week after the ZK-Rollup platform initiated its first phase of staking. Currently trading at $0.38, STRK’s price has dropped 16% in the past 24 hours, making it the third-largest loser behind Beam (BEAM) and Arweave (AR).

Positioned below a critical resistance level, a further spike in selling pressure could push STRK’s price to retest its all-time low of $0.31.

Starknet Bears Defend Resistance

Readings from STRK’s one-day chart show that its price is currently hovering below the resistance formed by its Ichimoku Cloud at $0.43. When an asset’s price is below this cloud, it suggests that sellers have control, and any attempts to push higher are met with resistance from within or just above the cloud.

Traders view the cloud as a significant barrier, and breaking through it to the upside is difficult without strong buying momentum.

Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx

Moreover, STRK’s declining Chaikin Money Flow (CMF) reflects the lack of buying pressure to push above this key resistance level. This indicator, which measures money flow into and out of the market, recently broke below the zero line. At -0.03 at press time, selling pressure outweighs buying activity among STRK traders.

A negative CMF value indicates more capital outflow than inflow. This means traders are selling more of the asset than they are buying, leading to a price decline.

STRK Price Prediction: The Bulls Must Defend the Cloud

If selling pressure intensifies and STRK bulls cannot push the price above the cloud, the downtrend will likely gain momentum. The coin’s next target could be its all-time low of $0.31, last seen on August 5.

Read more: What Is Crypto Staking? A Guide to Earning Passive Income

On the other hand, if a surge in buying activity occurs, STRK’s price may attempt to rally above the cloud, potentially reaching $2.25 — a high last recorded in March.

The modular blockchain network Celestia will conduct the large token unlock in October, with a massive $1 billion worth of TIA set to be released. Many of its holders have begun selling their tokens before this event.

If selling pressure intensifies, TIA’s price may fall by 30%. This analysis delves into what you need to know as the unlock date approaches.

Celestia Traders Offload Tokens

Token Unlocks data shows that on October 30, Celestia will release 175.56 million TIA tokens, valued at approximately $1 billion, which constitutes 81.86% of the circulating supply. These tokens will be distributed among early supporters, seed investors, and core contributors.

The anticipation of a large token unlock event such as this can often create uncertainty and negative sentiment among investors, leading them to sell their holdings before the event. This has been the case with TIA, which has witnessed a spike in selling pressure over the past week.

TIA trades at $5.12, noting an 18% price decline over the past week. This makes it the biggest loser among the top 100 cryptocurrencies by market capitalization during this period. The token’s plummeting Relative Strength Index (RSI) confirms the decline in TIA’s demand over the past few days.

Read more: 10 Best Altcoin Exchanges In 2024

This indicator measures an asset’s overbought or oversold conditions. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and likely to face a decline, while values below 30 suggest it is oversold and may be due for a rebound.

At 46.42, TIA’s RSI shows that selling activity currently outweighs buying pressure, but it does not yet signal extreme conditions. This middle-range reading suggests that the market is relatively neutral, though leaning toward selling pressure.

Furthermore, TIA’s negative funding rate reflects the bearish bias. This stands at -0.022% at press time, indicating that futures traders are betting on its continued price decline. 

TIA Price Prediction: 30-Day Low on the Horizon

A negative funding rate suggests that more traders are betting against the asset (short positions) than for it (long positions). This puts downward pressure on the asset’s price, reflecting a lack of confidence in price appreciation.

Read more: Which Are the Best Altcoins To Invest in October 2024?

If selling pressure persists, TIA’s price will fall 30% to trade at $3.72, a low it last reached on September 4. However, if it sees a shift in market sentiment from bearish to bullish, and a spike in demand follows, TIA’s price will climb toward $10.37.