Celestia (TIA) surges 20%, leads as top gainer

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As a researcher with experience in the cryptocurrency market, I find Celestia’s recent price surge intriguing. TIA, the native token of this modular blockchain network, has surged 20% and is currently the top gainer among cryptocurrencies today. Its market cap has also jumped past $1.4 billion, making it the 55th largest cryptocurrency.

The native token of the flexible blockchain system Celestia, referred to as TIA, experienced a significant increase of approximately 20%, making it the leading cryptocurrency with the greatest price growth today.

As a researcher, I’m reporting that at the moment of compiling this information, Tronix (TIA) has experienced a significant surge, rising by 18.5% over the previous 24 hours and is currently priced at $7.21. Notably, its market capitalization has surpassed the $1.4 billion threshold, thereby securing it a rank among the top 55 cryptocurrencies as per CoinMarketCap’s most recent data.

However, Celestia is still down 65% from its all-time high of $20.91, which it reached on Feb. 10.

On October 31, 2023, the modular blockchain known as Celestia was launched, attracting approximately 580,000 users who qualified for its airdrop. Unlike conventional monolithic blockchains, Celestia utilizes data availability sampling (DAS) instead of relying on consensus for execution.

This approach not only scales the network but also alleviates settlement constraints.

In a recent analysis posted on July 9, DeFiSquared, a well-respected market expert and technical analyst, explained the recent price surge of Celestia. He highlighted that this blockchain infrastructure stands out in the sluggish crypto market due to its ability to facilitate “real and meaningful transactions and applications.”

After experiencing a significant decline of approximately 80% from its peak, Celestia has recently demonstrated some resilience. This development is noteworthy as the unfavorable market situation can primarily be attributed to skepticism regarding the practical use of cryptocurrencies. However, Celestia seems to be bucking this trend and emerging as one of the exceptions.

— DeFi^2 (@DefiSquared) July 9, 2024

The analyst highlighted that a significant portion of Celestia’s data comes from the Orderly Network, where users can access permissionless liquidity for on-chain perpetual markets – a thriving and expanding market segment. This network handles an impressive volume, frequently exceeding 500 million daily trades.

As a researcher exploring Decentralized Finance (DeFi) ecosystems, I cannot stress enough the importance of implementing a robust data availability layer such as Celestia. This essential infrastructure ensures secure and permissionless access to liquidity in these markets, providing a solid foundation for the blockchain industry.

As an analyst, I’ve noticed a notable increase in positive sentiment surrounding Celestia, which is amplified by its active participation in the Modular Summit. This event has contributed to a significant surge in Celestia’s trading volume, which has jumped by 23% within the past 24 hours, according to CoinMarketCap data, reaching an impressive $251 million.

Traders have tried to profit from the downturn by shorting the market and incurring losses due to negative funding rates on perpetual trades. However, signs suggesting a possible market bottom have sparked optimism among investors.

Insiders are presently barred from offloading their stocks because of a vesting duration longer than 100 days. Consequently, this situation helps maintain market equilibrium.

Additionally, a user named SatoshiFlipper on the X platform, who has a following of over 200,000 people, shared his insights on the TIA daily chart. He highlighted that if the price breaks past the $8.50 resistance level, which has held steady for eight months, significant price hikes could ensue.

He noted that the longer the consolidation, the more potent the expected upward price movement.

As an analyst, I believe that based on the fundamental aspects of the $TIA project, the current token price of around 6-5 dollars is significantly undervalued in my estimation. The monthly low may have already been reached, which could mark the true bottom, and it’s unlikely that the price will continue to hover around $4-5 indefinitely. Instead, we might witness a surge or “pump” in price as investors recognize its value.— 🧙 Crypto_Jobs🧙‍♂️ TA & FA 🎯 (@CryptoJobs3) July 9, 2024

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2024-07-10 10:16