Celestia price prediction as TIA holders and transactions surge

2024-2-9 03:02

Celestia (TIA) price is firing on all cylinders amid some encouraging internal data. The TIA token price surged to a record high of $20 as the strong crypto rally continued. This rally means that the coin has jumped by more than 700% from its lowest point in 2023. It has become a crypto juggernaut with a market cap of over $3 billion.

Encouraging on-chain data

Celestia, a modular data platform, has seen a lot of positive activity in the past few months, which explains why the price has jumped. Data shows that the number of TIA holders has jumped to over 905k. This is a remarkable figure for a coin that had less than 30k people a few months ago. It shows that there is demand for the network.

Additional data compiled by Celenium shows that the number of transactions have jumped sharply in the past few months. The network has handled over 11.3 million in transactions since inception. In the past 24 hours on Friday, it handled over 72,000 transactions. Higher transaction figures is a sign that there is a lot of activity going on in the network.

Most importantly, developers have continued to use Celestia as their data platform. This is evidenced by the total blob size, which has jumped to more than 2.76 GB. Notably, Celestia took a few months to get to 1GB. It has now taken less than a month to move from 1GB to 2.7GB and there are signs that this trend will continue.

The other crucial data is that the number of Celestia blocks has jumped. They have risen to over 742k and I believe that the block will get to 1 million soon.

Celestia has benefited from its growing partnerships, with the key parts of the ecosystem being Arbitrum, Alpha Dune, Axelar, and Near Protocol. It also has a partnership with Dymension, the new fast-growing blockchain. Also, it has benefited from the ongoing cryptocurrency rally that has seen Bitcoin surge to over $46,000.

Celestia TIA price forecast

TIA chart by TradingView

Turning to the 4H chart above, we see that the TIA token has been in a strong bullish breakout in the past few months. This rally has seen it rise from below $5 to over $20. It has remained above the key resistance at $18.5, where it formed a double-top pattern. The coin has also moved above the 50-period moving average while the Percentage Price Oscillator is above the neutral point.

Therefore, using trend-following principles, there is a likelihood that the Celestia token rally will continue in the coming months. If this happens, the next point to watch will be at $25 followed by $30.

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