In 10 days, modular blockchain project Celestia (TIA) will release 80.77% of its circulating supply, valued at $1.05 billion. This impending token release has sparked concerns about potential selling pressure, which could affect TIA’s price.

BeInCrypto explores how the altcoin, which has experienced volatile price swings in recent days, might perform before the event.

Celestia Faces Selling Pressure as Huge Token Unlock Approaches

For Celestia, this upcoming token release represents one of the largest since the project’s inception. As a result, TIA’s price is expected to face significant volatility in the lead-up to the event.

Currently, Celestia’s price is $5.95 and has been hovering around that same region for some time. However, based on the signal from the Chaikin Money Flow (CMF), the altcoin might drop below $5.

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The CMF is a volume-weighted oscillator that tracks the flow of money into or out of a cryptocurrency over a set period. It’s commonly used to identify trends, spot potential reversals, and gauge overbought or oversold conditions.

Furthermore, the indicator oscillates above and below zero, with positive readings indicating an uptrend and negative readings indicating a downtrend. As seen below, the CMF reading is in thhe negative region, suggesting that TIA’s price might soon experience a significant downturn.

TIA Price Prediction: Bears to Put It Below $4

From a technical perspective, the TIA/USD chart shows the formation of a head and shoulders pattern. This pattern is a chart formation that signals a potential bullish-to-bearish trend reversal in a cryptocurrency’s price.

Typically, when an asset’s price drops below the neckline of the pattern, a significant correction appears. On the other hand, a rise above the neckline invalidates this prediction. Based on the chart below, Celestai’s price looks likely to drop below the neckline at $4.73.

If that happens, the token’s value could sink to $3.87. However, if bulls defend the token from declining below $4.73, the drawdown might not happen. 

Read more: 10 Best Altcoin Exchanges In 2024

In that case, TIA could surge to $7.30, and after the supply shock, the altcoin might rise to $10.40 if buying pressure increases. 

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

Although no significant token unlocks are scheduled for the upcoming week, here are five events to keep an eye on.

Cardano (ADA)

• Unlock date: October 22
• Number of tokens unlocked: 18.53 million ADA
• Current circulating supply: 35.72 billion ADA

Cardano focuses on sustainability, security, and scalability for decentralized applications and smart contracts. On October 22, the network will unlock over 18 million ADA, allocating these tokens to staking and the treasury fund reserve. This action strengthens the staking ecosystem and supports Cardano’s long-term development.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

SpaceID (ID)

• Unlock date: October 22
• Number of tokens unlocked: 18.49 million ID
• Current circulating supply: 430.50 million ID

Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across various blockchains. It allows users to use a single domain name to represent their identity across different applications and networks.

On October 22, the project will unlock over 18 million ID tokens and allocate them between the Space ID Foundation, ecosystem fund and community.

Read more: Decentralized Identity and the Future of Web3: What To Know

EigenLayer (EIGEN)

• Unlock date: October 22
• Number of tokens unlocked: 1.29 million EIGEN
• Current circulating supply: 186.58 million EIGEN

Ethereum-based restaking protocol EigenLayer started October by listing its EIGEN token on major exchanges. On October 22, the project will unlock 1.29 million EIGEN, valued at $4.56 million as of this writing. The team has earmarked these tokens for future community initiatives, making it unlikely that the unlock will significantly impact the token’s price.

Read more: Ethereum Restaking: What Is it and How Does it Work?

Ethena (ENA)

• Unlock date: October 23
• Number of tokens unlocked: 12.86 million ENA
• Current circulating supply: 2.74 billion ENA

Ethena is a synthetic currency protocol working on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On October 23, the project will unlock almost over 12 million ENA dedicated to ecosystem development.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

Yield Guild Games (YGG) 

• Unlock date: October 27
• Number of tokens unlocked: 14.08 million YGG
• Current circulating supply: 386.40 million YGG

Yield Guild Games (YGG) is a gaming community that operates on a play-to-earn model. It brings together gamers worldwide, enabling them to earn cryptocurrency rewards by participating in various blockchain games. YGG invests in NFT assets, such as in-game items and virtual land, making these available for guild members to borrow and use in their gaming endeavors.

In a few days, Yield Guild Games will unlock over 14 million YGG. These tokens will be distributed across the community, founders, investors, and the treasury, fueling the guild’s growth and ecosystem development.

Read more: Top 6 Crypto Gaming Coins To Buy in 2024

Next week’s smaller cliff unlocks include Galxe (GAL), Acala (ACA), and Euler (EUL), among others, with a combined value surpassing $99 million.

While many see token unlocks as bearish, a well-structured schedule can actually support a project’s long-term success. Tied to key milestones and development, unlocks can motivate the team, engage the community, and drive ecosystem growth.

The infamous crypto wallet-draining service Inferno has handed over control of its platform to rival provider Angel Drainer.

This shift could signal a new and potentially more dangerous phase in the crypto-draining ecosystem.

Angel Drainer Absorbs Inferno’s Crypto-Draining Platform

On October 19, blockchain security firm Scam Sniffer reported that Inferno Drainer announced via Telegram that it had handed over its platform to the Angel Drainer team. The Inferno team expressed confidence in Angel’s ability to manage the drainer. The platform stated that Angel would maintain its code base and key features such as protocols, autoclaims, and bypasses.

“We find the Angel Drainer team competent enough to maintain the drainer (while keeping our code base and features such as 200+ protocols, autoclaims, bypasses as well as many big pending updates, new panel with logs handling and many other things) as they have shown they could be trusted,” Inferno drainer stated.

Additionally, Inferno reassured its clients that their existing data and functionality, including login credentials, statistics, and other service features, would remain unaffected.

Read more: Top 10 Must Have Cryptocurrency Security Tips

This handover is expected to have significant implications for the crypto-draining landscape. Wallet drainers typically provide scammers with phishing tools — such as fake social media accounts and websites — in exchange for a cut of stolen funds. In 2023 alone, these services enabled the theft of $295 million from 324,000 victims.

Yu Xian, founder of blockchain security firm SlowMist, commented on the development, noting the potential strength of the combined forces of Inferno and Angel Drainer.

“Inferno Drainer has made a lot of money and is going to quit the game? Angel Drainer actually took over its source code? A stronger combination? To be honest, the code engineering quality of these two is really good,” Xian stated.

Other security experts raised concerns, noting that Angel and Inferno had very similar code and security structures in recent months. One analyst suggested that Angel Drainer may have purchased Inferno when it originally shut down, and this recent move could be an attempt to obscure the transfer of control.

“It seems like Angel might have bought the project when Inferno shut down and mentioned a sale. From the outside, it looks like Angel is using this setup to deceive users,” the expert stated.

Meanwhile, this isn’t the first time Inferno has announced its departure from the crypto-draining market. In November 2023, the platform claimed to have ceased operations after facilitating the theft of over $80 million. However, in 2024, Inferno resurfaced, revealing that it had been operating covertly for several months.

Read more: 15 Most Common Crypto Scams To Look Out For

However, the exit seems more definitive this time. Scam Sniffer reported that the Inferno team has already transferred 2,845 ETH (around $7.5 million) from its fee collection address to other wallets. Additionally, the fee address for the drainer has been updated on-chain, suggesting a complete handover of control to another party.