Celestia (TIA) has seen its price decline 10% over the past 24 hours on Thursday afternoon, trading near $5.68 as it retreats from the all-time high of $6.40 reached on November 15. Despite the decreases, it is still more than 130% up on the weekly chart.
What is Celestia? It is a modular blockchain network that has attracted attention due to the optimism surrounding its native token. It features a decoupled consensus and application execution layer, thus modularizing the blockchain technology stack to create more opportunities for decentralized application developers. Having recently launched its mainnet, Celestia is still far from established in terms of users and other network metrics when compared to the industry heavyweights Arbitrum and NEAR.
To date, the network has processed around 520,000 transactions and has 166 validators, 100 of which are active. The Binance listing was responsible for the surge in speculation, boosting the price of Celestia. Other exchanges that list it include OKX and Bitget.
Now that the buzz around the token has died down, it is possible that bulls will rely on psychological support at $5.50 and $5.00 before attempting to reestablish control. If successful, this could result in a target of $10 by the end of the year. Conversely, a breakdown below $5.00 may indicate a bearish retest of the area around $4.00 and potentially $3.25.
