TIA, the native token of the modular blockchain network Celestia, has surged 20% and is the top gainer among cryptocurrencies today. At the time of writing, TIA is still up 18.5% in the past 24 hours, trading at $7.21. The crypto asset’s market cap jumped past $1.4 billion, making it the 55th largest cryptocurrency by market capitalization.

However, Celestia is still down 65% from its all-time high of $20.91, which it reached on February 10. The modular blockchain debuted on October 31, 2023, welcoming 580,000 users eligible for its airdrop. Celestia stands apart from traditional monolithic blockchains by employing data availability sampling (DAS) rather than executing through consensus. This approach not only scales the network but also alleviates settlement constraints.

Market Analysis and Expert Insights

Celestia’s latest price surge comes as market expert and technical analyst, DeFiSquared, highlighted the uptrend of Celestia in a recent social media post. He attributed its standout performance in a generally stagnant crypto market to its role as a blockchain infrastructure enabling “real and useful activity.”

“After a nearly 80% drop from highs, Celestia has finally been showing some strength again. The move is interesting because despite current poor market conditions being largely a result of perceived lack of utility in crypto, Celestia appears to be one of the few pieces of…”

DeFiSquared pointed out that a significant portion of data on Celestia originates from the Orderly Network, which offers permissionless liquidity to on-chain perpetual markets—a sector with robust and growing demand. This network processes a substantial volume, often surpassing half a billion daily trades.

He emphasized the necessity of a data availability layer like Celestia, which supports secure, permissionless liquidity for these markets, suggesting a solid market foundation for the blockchain.

Recent Developments and Trading Volume

The sentiment is further boosted by the Modular Summit, where Celestia is playing a significant role. This event coincides with a 23% surge in its trading volume in the last 24 hours, reaching $251 million. DeFiSquared also noted that despite attempts by traders to short the upward trend and negative funding rates on perpetual trades, indicators of a potential market bottom are fostering optimism.

The analyst further mentioned that insiders are currently unable to sell their shares due to a vesting period that extends for over 100 days, contributing to additional market stability.

Future Price Predictions

Another user, SatoshiFlipper, discussed the TIA daily chart with his followers, noting that surpassing the $8.50 mark, which has been a consolidation point for eight months, could lead to substantial price increases. He noted that the longer the consolidation, the more potent the expected upward price movement.

“In my opinion, regarding the FA behind the project, around $6 – $5 per token, TIA price remains very undervalued. The monthly low has probably been touched. It can be the true bottom and the price will probably never stay around $4 – $5!”

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