Why Is Celestia (TIA) Price Up?

The price of Celestia (TIA) has seen a nice bump up over the last 24 hours, currently trading around $16 which marks an 11% gain. The altcoin hit its all-time high of $16.74 earlier today, showing strong momentum behind this recent price action.

Yesterday, Celestia’s official Twitter account highlighted some key developments in their ability to offer “Rollups-as-a-Service” (RaaS) using Celestia as the underlying blockchain platform. They explained that this makes deploying a high-throughput blockchain as easy as deploying a smart contract.

Some key benefits of RaaS mentioned include 1-click deployment, high uptime sequencing, and full provisioning of necessities like block explorers and account abstraction. Celestia already supports many Ethereum rollup frameworks like modular DA. This modularity and out-of-the-box capabilities explain why projects may be attracted to building on Celestia through these RaaS providers.

Well-known crypto analyst Altcoin Sherpa also gave his bullish take on Celestia yesterday, saying: “When these things usually go, they’ll continue pretty strong. This chopped/consolidated for a while, I think the next leg is coming. Bid $14.30 and above and maybe you get it.”

Here Sherpa notes that TIA had been trading sideways for some time now, but he expects continued momentum and “the next leg” of this recent breakout. His analysis matches nicely with the fresh all-time high printed earlier today.

Zooming into the daily technicals, Celestia’s RSI currently reads 66. An RSI reading above 70 is considered overbought territory, while a reading below 30 is oversold. The current 66 RSI implies there is still some room left for this move higher to continue before being at risk of overheating in the short term.

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With developments like Rollups-as-a-Service gaining steam and influential analysts pointing to more upside to come, Celestia’s strong performance the last 24 hours comes as little surprise. The altcoin seems poised to continue on this trajectory as more builders leverage RaaS providers to easily deploy on Celestia’s architecture.

Additionally, with technicals not yet flashing overbought signals, TIA may have more gas left in the tank before needing to cool off. For these reasons, Celestia’s robust 11% gains today likely represent just the beginning as this blockchain platform sees greater adoption among decentralized app developers. Expect the fires fueling this price ascent to rage on.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!