TIA, the Celestia modular blockchain token, experiences a huge increase of 840% in just three months
The price of TIA, the token of the Celestia modular blockchain, has experienced a large price increase since its launch on October 31. Since then, tokens have been distributed to around 580,000 users and this network has gone live. Today it is trading at 20.48 USD at the moment.
What makes this blockchain so special to have a dizzying increase and position itself among the 30 cryptocurrencies with the highest capitalization? Below, all about the factors behind this increase will be explored. A technical analysis will also be performed, even though this is a relatively new project.
Activity on the network grew immediately when it was launched and as interest grew, the price of TIA continued to increase at the same pace as the network’s growth.
At the beginning of 2024, similarly, on-chain activity and the price of the token continued to grow in tandem, although social mentions have been decreasing.
Right now there is a large increase in its price of 13.11%, at $20.48. This rise is consistent with some good news such as the inclusion of TIA in the KuCoin staking portfolio, and, of course, the expansion of trading of the new token.
Beyond the quantitative technical data, Celestia technology has a very promising outlook and has been very well received by the developer community, as a pioneer in the field of modular networks. The focus will be on technical analysis, to later expand the information.
TIA Price Chart Analysis
Performing an analysis of the TIA token prices is complex because this project is quite new and therefore we have no precedents for long-term quotes.
However, in this panorama marked by volatility, the price today is trading at $20.48. But the most surprising thing is its market capitalization, which stands at 3.3 billion dollars, that is, positioned in the position of the 27 cryptocurrencies with the highest capitalization.
This market capitalization skyrocketed in just two weeks from zero to 885 million on November 15, 2023. By January, the market capitalization had already risen to $1.9 billion, according to CoinMarketCap.
Therefore, it is difficult to calculate a maximum ceiling, for now we see strong resistance above the $20 level because this zone was rejected precisely on January 15 and yesterday. If the price can stay above that zone, we could expect the token to continue its upward line.
The problem would be knowing what the next level is, since we would already be talking about historical highs, so at this time it is quite risky to enter said market.
Some analysts expect that once it stabilizes at $20, the new levels will be between $24 and $26. However, there is very little support for this and a large correction is likely when new actors’ entry decreases.
What’s Behind the Celestia Uproar and the TIA Price Rising?
Celestia’s hype and TIA’s price rise comes from its modular blockchain concept. That is, Celestia proposes a data availability network that can improve the scalability of other blockchains by providing a scalable layer. This way, developers will be able to implement custom Rollups that meet specific needs.
In the past two years, the thefts and hacks in bridges and liquidity pools issue made the news every week. However, Celestia appears to be able to solve many of the security problems in the sector, providing a new generation of tools for connecting between blockchains that are more secure.
By Leonardo Perez