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Crypto

Celestia Who? Lesser-Known Coin Explodes With 126% Price Gain


Celestia (TIA) has reached an all-time high, making waves in the cryptocurrency world. It is the first-ever modular blockchain network, which essentially means that it is a new type of technology that changes the way blockchains are created and used.

At the time of writing this article, TIA was trading at $5.25, and recording an impressive 126% increase over the past seven days, according to Coingecko data. However, the token suffered a 12.7% loss in the last 24 hours.

Celestia’s unique method separates the different parts of the blockchain process, making it easier to set up individual blockchains. This innovation pushed Celestia at the forefront of the evolving world of blockchain technology.

With a market capitalization exceeding $691 million, Celestia has quickly become one of the fastest growing blockchains. The network, backed by OKX, recently launched its mainnet and sent an airdrop to over 190,000 people, despite having 610,000 eligible recipients.

Celestia TIA price has seen a significant decline over the past two days, dropping from its high of $6 on Monday to its low of $4.21. However, the price rebounded on Tuesday morning. The current value of the token is nearing the halfway point at $5.50.

According to Santiment data, TIA’s trading volume has seen positive progress since November 11. Currently, the trading volume stands at $751.37 million. This was a level of value that had not been approached since its initial introduction.

Source: Santiment

A significant level of trading volume serves as an indicator of increased liquidity allocation towards a token, as well as a corresponding level of market interest.

When looking at price impact, an upward trend in volume, coupled with a concomitant rise in price, has the potential to strengthen the direction of price movement.

TIAUSD trading at $5.16 on the 24-hour chart at TradingView.com

On the other hand, Celestia’s online buzz has declined significantly, dropping 55.5% over the past day, according to Santiment data. Despite this drop in social media discussions on platforms like Twitter, Telegram, and Reddit, Celestia remains highly ranked on CoinMarketCap.

Source: Santiment

This drop in social volume comes after the platform launched its mainnet on October 31, distributing TIA tokens to 580,000 eligible users via an airdrop.

The TIA token has seen remarkable growth, rising 154% from its starting price of around $2.1, or 135% over the past week, despite a decline in online discussions.

The asset’s listing on Binance has added to its momentum, showcasing promising scalability solutions that competitors like Ethereum (ETH) and Solana (SOL) have struggled to deliver to their users.

Taking a conservative approach, it is possible that TIA could reach around $11 by the end of the year. This scenario posits that the ongoing uptrend will soon end, leading to a subsequent phase of correction.

In an ideal scenario, a regression towards the $3.40 region could lay the foundation for a larger upward move, potentially reaching a value of $10 during the third wave and beyond $11 after a consolidation during of the fourth wave.

(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from NASA



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