Here’s how Celestia reacted as TIA went on rampage
- TIA’s value increased by 25%, and its volume also jumped.
- A correction may be near, but TIA’s upward movement may return soon.
The price of Celestia [TIA], the token of the modular blockchain project, chose to move in the opposite direction when many altcoins decided that it was to slow down on gains.
Over the last seven days, a number of AMBCrypto articles touched on the surge in the value of lots of cryptocurrencies.
But in the last 24 hours, the spike has either turned to consolidation or correction. TIA, however, was not having any of that. The token was able to make an upward run as high as 25.24% within the aforementioned period.
TIA stays on course
Previously, AMBCrypto also discussed the strength shown by the Celestia token. At that time, we mentioned how TIA defied the usual aftermath of a project that airdropped tokens to users.
Interestingly, it seems that TIA is not going to fizzle out of the conversations in the market anytime soon.
One reason for this assertion is its trading volume. Like the price action, Santiment’s data showed that TIA’s trading volume has since the 11th of November. At press time, the trading volume was $751.37 million. This was a value it had not neared since its launch.
A high volume is a signal of an increase in liquidity allocated to a token, as well as market interest. When considering the effect on the price, a rising volume, combined with an increasing price, could strengthen the price direction.
Eyes have not been taken off the token
So, it is very possible for TIA to re-hit its previous high of $5.90. That is, if the momentum displayed by the volume and price action does not change. Also, Celestia’s performance since its introduction has also impacted its social dominance.
Social dominance looks at the posts that talk about an asset and compares it with the combined social volume of other cryptocurrencies in the top 100. With growing developer adoption and positive sentiment, Celestia has grown to become the 66th most valuable asset in the crypto market.
This growth was also one of the grounds for the social dominance spike to 2.52%. However, market players might need to watch out for TIA’s trend in the coming days.
How much are 1,10,100 TIAs worth today?
While social dominance can be a sign of increasing interest, it could also be an indicator that a token has reached a short-term top. Meanwhile, crypto trader Crypto Tony posted that the TIA price would rebound in a short while.
He also mentioned that it could be wise to look for entries when the token retraces, noting that another uptrend is almost non-negotiable.
This is my proposed wave count on TIA. I will be looking to enter on the wave 4 pullback to come
Reminds me of DOT back in the day this sort of move pic.twitter.com/468Cxbt5aZ
— Crypto Tony (@CryptoTony__) November 13, 2023