- TIA maintained its upward momentum following Celestia’s successful $100 million funding round on Monday.
- The token surged over 30% to reach a peak of $6.89 in the last 24 hours up to Tuesday afternoon.
Celestia (TIA) kept progressing in the wake of its successful funding round on Monday, which added $100 million to its capital. In the past day leading up to Tuesday afternoon, the token saw more than 30% price movement, as investors capitalized on the opportunity to purchase it while enthusiasm was high.
Celestia (TIA) Price Performance
The excitement from Celestia’s funding round yesterday is still palpable. As of 5:00 PM UTC on Tuesday, its price was holding steady above the $6 mark, securing a daily gain of over 8%. The digital asset ascended from a low of $5.66 to a high of $6.89 within the last 24 hours, showcasing an impressive 30% increase during that timespan.
In tandem with the rising prices, TIA’s trading volume witnessed a 106% surge, with $363.41 million worth of the cryptocurrency being exchanged among wallets. This elevated transaction volume is indicative of the strong demand for the token even one day after achieving its recent milestone.
On a broader time scale, TIA has recorded approximately 20% gains over the past week, an 8% rise for the month, and an astounding 196% increase over the last year. Nevertheless, its current price remains more than 70% lower than its all-time high of $20.91 reached seven months prior.
This momentum has prompted speculation among the Celestia community and the wider crypto audience regarding the potential for the token to rally to $10.
What’s Fueling TIA’s Rise?
As highlighted earlier, expectations of short squeezes in TIA have been increasing recently. Altcoin Sherpa on X had previously suggested that an optimal buying window for the token was between $4.40 and $4.60. Traders who followed this advice could have potentially realized gains of approximately 50% as they rode the price up to today’s peak.
Furthermore, bolstering Celestia’s price was its impressive funding round, which increased its total capital to $155 million. The Web3 company successfully gathered $100 million at the week’s start in partnership with Bain Capital Crypto.
Additionally, prominent participants in the funding included Robot Ventures, Syncracy Capital, 1kx, and Placeholder. Celestia intends to utilize the newly acquired funds to enhance the scalability and performance of its blockchain.
Token Unlock on the Horizon
However, potentially dampening the upbeat momentum for Celestia is its upcoming token unlock scheduled for the end of October. The addition of 175.74 million tokens to its circulating supply is anticipated to incite a significant sell-off, which could lead to a decline in TIA’s value in the short term. Consequently, analysts recommend that investors stay vigilant with their trading strategies leading up to this event.
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