Celestia [TIA] has declined over the past several weeks as trading conditions appear to have moved toward a more neutral phase.

The token was down 25% on a year-to-date basis, while its move over the previous day was limited to a 0.2% gain at the time of writing. That muted daily change reflected a market in a narrow range, with uncertainty around TIA’s next price direction.

Celestia is a modular blockchain network focused on data availability, a design that separates core blockchain functions rather than bundling execution, settlement, and data availability into one layer. For TIA, that makes both network usage metrics and token supply events relevant inputs for traders assessing short-term conditions.

TIA faces additional token unlocks

TIA is scheduled for a major token unlock, with the released tokens directed toward research and development for the blockchain. Token unlocks introduce previously locked tokens into circulation, increasing available supply and potentially adding pressure to the asset’s price.

The upcoming unlock will release roughly $62,000 worth of tokens into the market in less than 24 hours. Another $62,000 unlock is expected to follow within 48 hours, creating an additional supply event over a short period.

Celestia’s on-chain indicators remained weak. The network’s total value locked (TVL) stood at $0, while the chain generated only $53 in fees over the previous day.

TVL and fee generation are commonly used to gauge how much capital and transaction activity a network is attracting. In Celestia’s case, the low readings meant the unlocks were approaching at a time when on-chain demand signals were limited.

Together, the weak on-chain activity and the scheduled increase in circulating supply place Celestia in a sensitive position as traders monitor whether additional tokens will affect short-term price action.

Funding data and capital flows

Despite the weak on-chain metrics and the planned token unlocks, derivatives data showed that positioning around TIA had shifted net positive, with traders increasingly opening long positions.

Funding Rate data over the previous day rose sharply, reaching about 0.0049% on the chart, according to the latest reading. A positive Funding Rate indicates that long positions are paying shorts, which typically reflects a greater concentration of bullish leveraged positions than bearish ones.

Open Interest also increased significantly during the same period, suggesting that additional capital had entered TIA derivatives markets.

Open Interest rose 23% over the past 24 hours and reached a high of $57.52 million during that period.

The combination of a rising Funding Rate and higher Open Interest indicates that the new capital entering the market was being directed largely toward long positioning. This matters because leveraged positioning can amplify reactions when spot-market supply events, such as unlocks, arrive at the same time as crowded derivatives exposure.

Liquidation levels remain closely balanced

Liquidation heatmap analysis, which tracks clusters of buy and sell orders on a chart, showed TIA in a tightly balanced liquidity zone.

The asset had distributed sell orders above its current price and a comparable depth of distributed buy orders below it. This structure suggests that price could move in either direction, as both liquidity clusters may attract market movement.

Liquidation clusters are often viewed by traders as potential magnets for price action, but the chart showed no clear imbalance between the upper and lower levels.

Given the tight positioning, momentum is likely to determine which side of the range is tested first. At the time of writing, derivatives data showed stronger long positioning, while the pending token unlocks added a competing source of potential supply pressure.

Celestia is set to release two batches of tokens worth about $62,000 each over the next two days. At the same time, traders have increased bullish leveraged exposure, with Open Interest rising 23% and Funding Rate data remaining positive.