14 November 2023
Celestia (TIA) has hit an all-time high, making waves in the world of cryptocurrency. It’s the first-ever modular blockchain network, which basically means it’s a new kind of technology that’s changing how blockchains are created and used.
At the time of writing, TIA was trading at $5.25, and registering an impressive 126% increase in the last seven days, data from Coingecko shows. However, the token sustained a 12.7% loss in the last 24 hours.
Celestia’s unique method separates different parts of the blockchain process, making it easier to set up individual blockchains. This innovation has pushed Celestia to the forefront of the evolving world of blockchain technology.
With a market cap exceeding $691 million, Celestia has quickly become one of the fastest-growing blockchains. The network, backed by OKX, recently launched its mainnet and issued an airdrop to over 190,000 people, despite having 610k eligible recipients.
The price of Celestia TIA had a significant decline during the past two days, dropping from its top of $6 on Monday to a low of $4.21. However, the price rebounded on Tuesday morning. The current value of the token is nearing the significant halfway point to $5.50.
According to Santiment’s data, the trading volume of TIA has demonstrated positive advancements from November 11th. As of the current moment, the trading volume stands at $751.37 million. This was a level of value that had not been approached since its initial introduction.
A significant level of trading volume serves as an indicator of heightened liquidity allocation towards a token, along with a corresponding level of market interest.
When examining the impact on price, an upward trend in volume, coupled with a concurrent rise in price, has the potential to reinforce the direction of price movement.
On the flip side, Celestia’s online buzz has decreased significantly, dropping by 55.5% in the last day, according to data from Santiment. Despite this decline in social media chatter on platforms like Twitter, Telegram, and Reddit, Celestia remains prominently featured on CoinMarketCap.
This drop in social volume comes after the platform launched its mainnet on October 31, distributing TIA tokens to 580,000 eligible users through an airdrop.
The TIA token has grown remarkably, rising by 154% from its starting price of roughly $2.1, or 135% over the last week, despite a decline in online discussions.
The asset’s listing on Binance has added to its momentum, showcasing promising solutions for scalability that competitors like Ethereum (ETH) and Solana (SOL) have struggled to deliver to their users.
Taking a conservative approach, it is possible that TIA may reach approximately $11 by the end of the year. This scenario postulates that the ongoing upward trend will soon come to an end, leading to a subsequent phase of correction.
In an ideal scenario, a regression towards the $3.40 region might establish the foundation for a more significant upward movement, potentially attaining a value of $10 during the third wave and beyond $11 subsequent to a consolidation in the fourth wave.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from NASA