- While some U.S. investors sold TIA, others have been purchasing the asset over the past week.
- Technical patterns show investors are accumulating, and a 200% rally could be on the horizon.
In the past 24 hours, Celestia [TIA] has seen a price pump, rising 1.11% to reach a high of $3.29 at the time of writing. This bullish move comes amid a market sell-off that caused the asset to lose 20.20% in the past week.
Sentiment appears to be shifting in favor of the bulls, as traders are stepping up to accumulate the asset ahead of a major price rally.
U.S. investors sell, others accumulate
The recent downward pressure on TIA has been driven by U.S. investors, as indicated by Coinglass exchange netflow data, which showed a positive reading from Coinbase—a U.S.-based crypto exchange.
According to analysis, in the past week, these U.S. investors offloaded $591,200 worth of TIA. However, investors on other exchanges continued accumulating the asset.
Source: Coinglass
Data shows that traders on Binance, Kraken, OKX, and Bybit collectively accumulated $9.98 million worth of TIA over the past seven days, which could play a role in a potential rally in the coming trading sessions.
AMBCrypto also identified other bullish confluences supporting a potential upside move, as TIA trades within a bullish pattern on the chart.
Bullish accumulation zone—TIA is ready
TIA is on the verge of a 184% breakout as it trades within a bullish formation known as the cup and handle pattern, which has historically preceded rallies.
The pattern, as indicated on the chart, is currently trading within the handle—a phase where price consolidates within a defined support and resistance zone.
Source: TradingView
For an upward move to occur, TIA needs to break above the current resistance level at $3.25. A move above this level could push the price toward $9.28.
Mixed derivatives sentiment
The derivatives market shows mixed sentiment, which could delay a potential rally.
Currently, data indicates that the amount of unsettled derivative contracts surged by 1.80% to $115.84 million in the past 24 hours.
Short contracts saw the most liquidations, with analysis showing that traders lost over $165,000 to the market.
When more short contracts than longs are forcefully closed while Open Interest spikes higher, it suggests increased buying activity, potentially leading to further gains.
However, the OI-Weighted Funding Rate remains negative, indicating that sellers still dominate the market.
This metric provides a more accurate view of market conditions as it combines Open Interest and funding rate to determine the likely price movement.
A shift in the OI-weighted funding rate to positive territory would confirm the rally and pave the way for TIA to reach its projected target.
