Celestia (TIA) token has surged 14.48% in the past 24 hours, reaching $6.11. This rally comes despite the absence of new project announcements, driven instead by bullish trader sentiment and unusual market activity. Experienced crypto traders are accumulating TIA, citing its potential as a key player in the modular blockchain space.
Meanwhile, analysts have observed an 88% increase in a days open interest on Bybit, indicating aggressive trading activity in TIA perpetual futures contracts.
Experts Take on Celestia (TIA)
Crypto trader Noodles shared insights on X about their accumulation strategy for TIA. The trader revealed, “I accumulated a large amount of $TIA here after predicting a significant drop during its past ATH and the previous great hype caused by its novel on early stage.”
Noodles expressed confidence in the current price levels, stating, “It’s exactly at the level where I thought it would be a great buying opportunity; I will accumulate more if we see $5 again here.”
The trader’s bullish sentiment stems from their belief in the long-term potential of modular blockchains. “Modular blockchains are here to stay thanks to their innovation, and Celestia is a pioneer in this,” Noodles remarked.
They further emphasized the early stage of modular blockchain development and the potential for increased user adoption and developer skills in the future.
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Unusual Trading Activity Observed
Another crypto analyst, altbender, highlighted an intriguing pattern in TIA’s trading activity. While examining the open interest (OI) for various altcoins, altbender noticed that most had returned to 2023 levels. However, TIA stood out as an exception.
altbender reported, “Someone is going full degenerate on perps, 88% 24hr OI increase on Bybit.” This unusual spike in open interest suggests that some traders are taking positions in TIA perpetual futures contracts.
I was browsing OI for alts and noticed a pattern of how most are back to 2023 levels, basically all perps traders blown up or bowed out.Except for $TIASomeone is going full degenerate on perps, 88% 24hr OI increase on Bybit.Can't say I have seen this before. pic.twitter.com/eQxMLj1UIh
— altbender (@altbender0x) July 9, 2024
The analyst added, “Can’t say I have seen this before,” emphasizing the uniqueness of this trading behavior.
Potential for Market Reversal
Despite the price surge, it’s worth noting that TIA is still trading approximately 70% below its ATH reached in February. This price drop, combined with the project’s solid fundamentals, has led some traders to speculate about a potential market reversal.
Analysts suggest that if the broader crypto market, particularly Bitcoin, begins to show strength, TIA could see further upward momentum. However, it’s important to note that the current price movement is primarily driven by trader sentiment and market dynamics, rather than any specific project announcements or developments
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The post Here’s Why Celestia (TIA) Price is Pumping appeared first on CaptainAltcoin.