Key Takeaways
What drove Celestia’s 19% surge?
A surge in transactions, DEX, and total volume influenced Celestia’s market bounce.
Will the trend continue past $1.5?
If the price managed to breach the $1.50 to $1.60 zone, TIA could hit $2 or higher.
Celestia [TIA] took advantage of the broader altcoin market rebound by surging over 19% in the past 24 hours, at press time.
The altcoin reclaimed the $1 level and was looking to extend this outlook by heading toward $2. On-chain activity, volume, and a shift in the market structure in the short term drove the surge.
Why is TIA up 19% in a day?
The surge in total traded volume, up 4.4 times in a single day, drove up the price action of Celestia. The data from DefiLlama showed that volume rose from $67.94 million to $301.7 million.
Looking at the charts, the highest volume in November prior to today was $132.99 million. This represented a threefold increase compared to this week’s high. Others were in the region under $100 million.
Source: DefiLlama
Additionally, on-chain trading on DEXs increased to almost a quarter billion dollars. According to Dune data, this amount was $244 billion at the time of writing, with less than $6 billion left to reach this milestone.
What does the high number of transactions indicate?
The surge was also influenced by the high number of transactions as the market of TIA rose. The transaction count for the day was 48,424, which was the highest since the 9th of August.
According to these figures, transactions with blobs accounted for 40,899, while those without blobs were at 7,525. This meant bundled transactions had greatly increased on the network, stressing its growth in activity.
Source: Blockworks Research
The total number of trades also surpassed the million mark, recording about 1,079,884 as per data from Dune Analytics.
These high transactions meant that the price of Celestia could continue rising if the broader crypto market sustained the current momentum.
What’s next for TIA price?
On the charts, the price of TIA broke above a descending trend channel in a 4-hour timeframe. The altcoin was pausing above the upper level, potentially as a retest for the breakout.
The market’s volatility supported buyer strength, as evidenced by the MACD bars. The Relative Volatility Index (RVI) remained above the 75 mark, at the time of writing, indicating the strength of the price movements.
In case TIA stays above $1, the altcoin could target the $1.50 to $1.60 zone next. Breaching this zone would put it on a path toward $2. This scenario would shift the outlook to bullish.
Source: TradingView
Otherwise, price could dip below the resistance-turned-support, thus delaying the move to $1.50.
In conclusion, the altcoin rhymed with the altcoin market sentiment. However, the sustainability of the move was uncertain, as traders who bought the bottom could close for profits.
