The native token of the Celsius Network, CEL, has experienced a significant price surge following a large token burn. On April 30, Celsius burned over 94% of its total supply, reducing it from 695.65 million CEL to 40.55 million CEL. This marked the third-largest transaction in Celsius history.

After the burn, CEL saw a 360% increase in price over the past week. In the last 24 hours alone, the asset has risen by 67% and is currently trading at $0.94, a level not seen since November 2022. The total market cap of Celsius is $38.2 million, with a daily trading volume of $78 million.

According to Santiment data, the CEL Relative Strength Index (RSI) has surged from 82 to 89 in the past 24 hours, indicating that Celsius is currently overvalued and overheated at its current price. Additionally, the total open interest for CEL has increased by 69% in the last 24 hours, potentially leading to higher price volatility and increased liquidations.

Despite the price surge, the total funding rate for Celsius is around negative 0.004%, suggesting that traders betting against CEL’s price increase slightly outnumber long-position holders. With the heightened RSI and open interest, CEL is in a high volatility zone, indicating a possible price drop in the near future.

Post Views: 8