When many altcoins decided to slow down on gains, the price of Celestia [TIA], the token of the modular blockchain project, decided to move in the opposite direction.
The increase in value of many cryptocurrencies has been discussed in several AMBCrypto articles over the past seven days.
However, over the past day, the spike has either corrected or turned into a consolidation. But that was not going to happen with TIA. During the previously mentioned time, the token managed to make an upward run as high as 25.24%.
TIA continues its path
AMBCrypto previously talked about the Celestia token’s strength. We then discussed how TIA disregarded the typical fallout from a project that airdropped tokens to user.
It’s interesting to note that TIA doesn’t appear to be going away from market discussions anytime soon.
Its trading volume is one factor supporting this claim. Santiment’s data indicated that TIA’s trading volume has increased since November 11th, in line with the price action. The trading volume was $751.37 million at the time of publication. It had not come close to this value since its launch.
A high volume indicates both increased market interest and increased liquidity assigned to a token. When taking into account the impact on the price, rising volume and rising price could reinforce the price direction.
The token’s eyes are still on it.
Therefore, there’s a good chance that TIA will reach its prior high of $5.90 again. That is, assuming that the momentum indicated by the volume and price movement remains constant. Additionally, Celestia’s social dominance has been influenced by its performance since its debut.
Social dominance examines the amount of posts discussing an asset and contrasts it with the total social volume of the top 100 other cryptocurrencies. Celestia has risen to the 66th position as the most valuable asset in the cryptocurrency market thanks to increasing developer adoption and favorable sentiment.
One of the reasons for the rise in social dominance to 2.52% was also this growth. In the upcoming days, market participants may need to keep an eye out for TIA’s trend.
Social dominance may indicate growing interest in a token, but it can also mean that it has peaked too soon. Crypto trader Crypto Tony, meanwhile, predicted that the TIA price would rise soon.
He added that it might be a good idea to search for entries when the token retraces, pointing out that it is nearly impossible to negotiate another uptrend.
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