With the wider crypto market under Celestia has dropped by 3% in the past 24 hours, due to the bearish trend. According to Queen GeckoTIA, the native token of Celestia, has dropped more than 18% since last week, putting more pressure on exhausted bulls as bears look for more bearish breakouts.
Related reading
Despite the downward trajectory of its native token, Celestia continues to innovate, keeping the bullish narrative alive. The question is whether this will be enough for TIA to recover in the long term.
Zaar announces the launch of Sudoswap on the platform
Visit, an NFT-focused organization, Recently published SudoSwap, an automated market maker protocol built specifically for NFTs, will launch on its own native blockchain once its mainnet launches. The Zaar blockchain is built on Initia using the Celestia toolkit. While the latter plays a backdoor role for the project, it still shows that the broader crypto community still considers Celestia to be reliable.
We are pleased to announce that @Sudoswap It will be launched on Zaar Chain on day one alongside our mainnet.
We are excited to launch the first NFT marketplace on @initiaFDN with @Celestia Org under.
Fun network study.
💊🦴✨🔁 pic.twitter.com/GdcaNo8c24
— Zaar 💊 (@zaar_gg) August 20, 2024
With this in mind, the timing of Celestia’s involvement in the NFT project could be great.
Although market interest in NFTs has since faded, there is some movement within the market. Recently, the CryptoPunks group emerged led NFT sales surge over $825,000, with more discharge From CryptoPunks #5822 for an undisclosed amount.
These small but significant moves could spark interest in NFTs again, pushing them from niche to mainstream. But before that happens, NFTs must continue to develop as they recover from their loss of retail interest.
TIA trades in a sustainable price range.
At the time of writing, the token is trading between $4.8 and $5.9, preventing bears from any potential breakout in the short to medium term.
This trading range gives bulls a solid and reliable starting point for the days ahead. At the current price point, accumulation should be the focus for bulls in the coming weeks. However, TIA’s momentum is closely tied to broader market volatility, making it vulnerable to any shift in market sentiment.
As of the time of publication, investors and traders in TIA were Still optimistic Despite the sharp decline in its market, there are some doubts about the token’s future performance. If this sentiment persists and investors focus properly on the developments within Celestia, we may see a new attempt to regain the lost ground above the $5.8 ceiling.
Related reading
If the $5.8 ceiling is broken, TIA stock has the potential to recover $6.3 in the long run. So patience is the greatest weapon that investors and traders should have in this situation. With a slight decline in the market and a bullish investor base, TIA stock will have enough momentum to make a breakout soon.
Featured image by 01node, chart by TradingView