The Lemongrass upgrade to the Celestia mainnet has pushed the price of its native token, TIA, up by more than 20%. New features include cross-chain interactions via IBC and minimal gas prices to reduce spam and improve network performance. The move boosted investor confidence and led to a market recovery, with the TIA token trading at a high of $6.48 in the short term. Despite the significant increase in market activity, analysts have expressed concerns about the long-term outlook, predicting a drop below $1 in the future. Investors need to be careful about market fluctuations.
Recent activity on the Celestia mainnet has seen the price of its native TIA token increase by more than 20%. The increase comes on the heels of the Lemongrass upgrade, which brought features such as one-click interaction via IBC and cross-chain accounts.
These improvements have fueled a recovery in the altcoin market and boosted investor confidence in the Celestia network. The Lemongrass upgrade introduces new network improvements, including minimum gas prices to reduce spam and better cross-chain transfers.
Celestia’s update also improves the protocol’s compatibility with the Cosmos ecosystem and makes it an even bigger force to be reckoned with in the blockchain industry. As a result, the price trend of TIA token is positive and has been trading above key support levels.
TIA Token Price Analysis and On-Chain Data
Earlier today, on September 18, Celestia released its first major update, Lemongrass. New features of this update include cross-chain account support, while old features such as Blobstream have been removed.
These changes are intended to enhance network performance and reduce the time required for network upgrades.
TIA 1-day trading chart: Source Coinmarketcap
The latest trading activity of TIA tokens on the market indicates that there is a lot of interest in the asset. Over the past day, TIA has traded between $5.01 and $6.48, a gain of 21.55%.
The market capitalization increased by 21.2%, indicating a significant increase in demand for the token. The token price reached a high of $6.48 before falling slightly and stabilizing at $6.32.
Market activity increased by 79.95% in 24-hour trading volume to $312.67 million. The increase in trading volume and price is consistent with the increase in investor interest after the mainnet upgrade.
The volume-to-market cap ratio is 23.46%, which is quite high for the market, indicating active trading. In addition, Celestial has a total circulating supply of 211.83 million and a total supply of 1.07 billion.
All these statistics indicate that the coin is performing strongly in the market. TIA coin has rebounded from a critical support area, signaling a possible breakout.
TIA's past performance and market outlook
Recently, Celestia (TIA) rebounded and gained more than 20% in the last week’s trading, close to the breakout level. Buyers have started to fight back against the key resistance level of $5 which has acted as a barrier to prevent the price from rising.
TIA is also showing some signs of reversal, shaking off its past volatility. The coin has now stabilized.
Analysts assess Celestia's future
Cryptocurrency analyst Altcoin Sherpan expressed concerns about TIA’s long-term price outlook. He predicted that the token could drop below $1, but could rise in the short term due to potential market volatility. Sherpa suggested that investors consider short-term positions with an entry point between $4.60 and $4.40.
Looking ahead, Celestia plans to unlock 175.74 million TIA coins on October 31. The increase in circulating supply could put downward pressure on the price of TIA. Early investors could sell off their TIA coins, leading to a potential market correction.
The price of TIA remains uncertain due to the short squeeze dynamics and upcoming token unlocking. Investors should proceed with caution and pay close attention to market trends and expert forecasts.
