TIA Breaks Through $1 – Is $2 the Next Goal for Celestia Enthusiasts?

Celestia (TIA) experienced a significant surge of over 19% in the last 24 hours, reclaiming the $1 mark and setting sights on $2. This price momentum is driven by a remarkable increase in trading volume and transactions within the network, suggesting strong interest from buyers.

Key Takeaways

A spike in trading volume and transactions led to Celestia's market rebound.
If TIA successfully breaks the $1.50 to $1.60 range, it could reach $2 or more.
Celestia saw a 19% price increase over the past day as the overall altcoin market rebounded.
On-chain activity and volume mint a bullish outlook for the cryptocurrency.

Celestia surges 19%, volume up 4x in a day: Is $2 next?

Why is TIA Up 19% in a Day?

This remarkable price increase for Celestia is primarily due to a surge in trading volume, which jumped 4.4 times within a single day. Data from DefiLlama indicates that the volume surged from $67.94 million to a striking $301.7 million.

Previously this month, the highest volume recorded was $132.99 million, highlighting a substantial rise in trading activity compared to recent days, where other volumes were below $100 million. TIA Celestia

Furthermore, trading on decentralized exchanges (DEXs) saw significant growth as well, reaching nearly a quarter billion dollars. Dune data showed this figure at $244 billion, just shy of a significant milestone by less than $6 billion.

What Does the High Number of Transactions Indicate?

The remarkable increase in transaction volume has been pivotal in TIA's price rise. On that day alone, the total transaction count hit 48,424, marking the highest level since August 9.

Of these transactions, 40,899 involved “blobs,” while 7,525 did not, reflecting a healthy increase in bundled transactions on the network and indicating robust growth. TIA

Dune Analytics noted that total trades exceeded the million mark, reaching around 1,079,884. Such high transaction volumes suggest that TIA's price might continue on an upward trajectory if the overall cryptocurrency market maintains its current momentum.

What's Next for TIA Price?

Examining the charts, TIA has successfully breached a descending trend channel on the 4-hour timeframe. Currently, it’s consolidating above the upper level, potentially positioning for a retest after the breakout.

The market's volatility is supporting buying activity, as demonstrated by the MACD bars. Notably, the Relative Volatility Index (RVI) remained above the 75 mark at the time of writing, indicating strong price movement.

Should TIA maintain its position above $1, it could aim for the $1.50 to $1.60 range next. If it breaks this zone, it might target $2, promoting a bullish sentiment. However, if the price drops below this support level, progress towards $1.50 may be stalled. TIA

In summary, TIA’s price movements are aligned with current sentiment in the altcoin market. However, the sustainability of this surge could face uncertainty as traders who bought at lower levels might take profits.