With the broader crypto market down by 3% in the past 24 hours, Celestia has been washed away by the bearish tide. According to CoinGecko, TIA, Celestia’s native toke, is down over 18% since last week, putting more pressure on the exhausted bulls as the bears eye more downward breakthroughs.
Despite its native token’s downward trajectory, Celestia continues to innovate, keeping the bullish narrative alive. The question is if it is enough for a recovery of TIA in the long term.
Zaar Announces Sudoswap Launch On The Platform
Zaar, an NFT-focused organization, recently posted that SudoSwap, an automated market maker protocol specifically built for NFTs, will launch on its native blockchain as soon as it launches its mainnet. The Zaar blockchain is built on Initia using the toolkit of Celestia. Although the latter is in a background role for the project, it still shows that the broader crypto community still regards Celestia as reliable.
We’re excited to announce that @sudoswap will be launching on Zaar Chain on Day 1 along with our mainnet.
We’re excited to be powering the first NFT marketplace on @initiaFDN with @CelestiaOrg underneath.
Study The Fun Network.
pic.twitter.com/GdcaNo8c24
— Zaar (@zaar_gg) August 20, 2024
Keeping this in mind, Celestia’s involvement with an NFT project might just be great timing.
Although market interest in NFTs has faded ever since, some movement within the market. Just recently, the CryptoPunks collection led the NFT surge with over $825,000 in sales along with the offloading of CryptoPunks #5822 for an undisclosed amount.
These small but big movements might spark interest in NFTs once again, pushing them from niche to mainstream. But before that can happen, development in the NFT space should continue as it recovers from lost retail interest.
TIA Trading On Sustainable Price Range
As of writing, the token is trading right between $4.8 and $5.9, keeping the bears from any possible breakthrough in the short to medium term.
This trading range gives the bulls a strong and reliable jumping-off point in the coming days. At its current price point, accumulation should be the focus of the bulls in the next few weeks. However, TIA’s momentum is highly correlated with the swings of the broader market, making it susceptible to any change in the market’s sentiment.
As of press time, TIA investors and traders are still bullish on the token’s future performance despite the extreme slip that occurred in its market. If this sentiment continues and investors rightly weigh in on the developments inside Celestia, we might see a reattempt to take lost ground above the $5.8 ceiling.
If the $5.8 ceiling is broken, TIA has the potential to regain $6.3 in the long term. Patience, then, is the greatest weapon investors and traders should have in this situation. With only a slight dip in the market and a bullish investor base, TIA will have enough momentum to make breakthroughs soon.
Featured image from 01node, chart from TradingView
Source: NewsBTC.com
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