TIA surges 1.11% amid bullish accumulation despite recent sell-off

Celestia's native token, TIA, has been experiencing a notable shift in market sentiment, with some investors selling off their holdings while others are actively accumulating the asset. Over the past week, investors in certain regions have been selling TIA, as indicated by exchange netflow data. These investors offloaded a substantial amount of TIA, totaling $591,200. However, this selling pressure has been countered by traders on other exchanges, who have collectively accumulated $9.98 million worth of TIA over the same period.

This accumulation is supported by technical patterns that suggest a potential rally for TIA. The asset is currently trading within a bullish formation known as the cup and handle pattern, which has historically preceded significant price increases. For TIA to break out of this pattern and initiate an upward move, it needs to surpass the current resistance level at $3.25. If this resistance is broken, the price could potentially surge towards $9.28, representing an 184% rally from its current levels.

Despite the bullish technical indicators, the derivatives market presents a mixed sentiment, which could delay the potential rally. The amount of unsettled derivative contracts has surged by 1.80% to $115.84 million in the past 24 hours, with short contracts seeing the most liquidations. Traders lost over $165,000 to the market, suggesting increased buying activity. However, the OI-Weighted Funding Rate remains negative, indicating that sellers still dominate the market. A shift in this metric to positive territory would confirm the rally and pave the way for TIA to reach its projected target.

In the past 24 hours, TIA has seen a price pump, rising 1.11% to reach a high of $3.29. This bullish move comes amid a market sell-off that caused the asset to lose 20.20% in the past week. The recent price action suggests that sentiment is shifting in favor of the bulls, as traders are stepping up to accumulate the asset ahead of a major price rally. The bullish accumulation zone, combined with the cup and handle pattern, indicates that TIA is ready for a significant breakout.