- Celestia token has surged by more than 170% from the lowest level last week.
- The network’s transactions stand at 489k while the TPS is 0.12.
- Celestia staking APR has reached 19.83% while block height has crossed 100k.
Celestia TIA price bounced back after it retreated sharply in the past two days. After peaking at $6 on Monday, the token retreated to a low of $4.21 as traders started to take profits. On Tuesday morning, the token bounced back and was approaching the important psychological level of $5.
Celestia is a new OKX-backed blockchain network that launched its mainnet last week. It issued an airdrop to over 190k people even though around 610k were eligible for the drop. It has now become one of the fastest-growing blockchains as its token has a market cap of over $691 million.
The latest on-chain metrics are not all that good, which could be because it is a relatively new blockchain network. According to Mintscan, Celestia has now passed the block height of 100k. At the same time, the block time stands at 11.68 seconds while the network has handled over 489k transactions.
Notably, the current transaction per second (TPS) stands at 0.12, which is a sign of low activity in the blockchain. This is understandable since it is a new platform that is still growing and adding developers to its ecosystem. For stakers, Celestia is offering an attractive APR of 19.83%.
For starters, Celestia is a new platform that offers a modular data availability network that scales as the number of users grows. By doing that, it hopes to provide developers with a platform that is fast and easy to use.
Celestia achieves that by just ordering and publishes transactions but it does not execute them. As a result, like other layer-2 networks, it decouples the consensus and application execution layers.
Celestia TIA price forecast
The hourly chart shows that the Celestia price has been in a strong uptrend in the past few days. It jumped from last week’s low of $2.22 and reached a high of $6. This was a 170% jump from its all-time low.
Celestia pulled back and reached a low of $4.2 as cryptocurrencies lost momentum. A closer look shows that it is slowly forming a double-top pattern, whose upper part is at $6 and the neckline is at $4.21.
In price action analysis, this pattern is one of the most bearish signs. Celestia’s volume has been quite strong. Therefore, the short-term outlook for TIA price is bullish, with the next point to watch being the double-top high of about $6.
Because of the double-top, there is a likelihood that the token will pullback in the coming weeks as many airdrop members start to take profits.
