Celestia’s native token, TIA, has experienced a significant surge in price, rising by 16.4% in the last 24 hours to reach $6.78. This recovery comes after a sharp drop of 68% from its all-time high earlier this year. The recent uptrend in TIA’s price has sparked renewed interest in the project, with key indicators showing potential for further growth.
One of the crucial levels that TIA needs to surpass is its 200-day exponential moving average at $7.74. This milestone will be a significant test for the token in the coming days, potentially extending the current price surge. However, before reaching this level, TIA must overcome another resistance at $7.26, which has acted as a barrier for bearish investors in the past.
Market expert DeFiSquared has highlighted Celestia’s recent uptrend, emphasizing the project’s role as a facilitator of “real and useful activity” in the blockchain space. The Orderly Network, which provides liquidity for on-chain perps markets, plays a significant role in Celestia’s dominance in this sector. The Orderly Network handles over half a billion daily trades, indicating strong demand for its services.
The ongoing Modular Summit, where Celestia is prominently featured, has also contributed to the positive sentiment surrounding the project. Trading volume for the token has increased by 40% in the past 24 hours, reaching $206 million. DeFiSquared points out that factors such as negative funding rates on perpetual trading and indicators suggesting a potential market bottom are fueling optimism among traders.
It is worth noting that insiders holding TIA tokens are unable to sell their holdings due to a vesting cliff that is over 100 days away. This restriction adds stability to the market by preventing large sell-offs that could impact the token’s price.
In conclusion, Celestia’s recent price surge and strong market performance reflect the growing interest in the project and its underlying technology. With key indicators pointing towards further growth potential, TIA is positioned to continue its upward trajectory in the coming days. Investors are advised to conduct their own research and consider the risks associated with cryptocurrency investments before making any decisions.