- TIA continued its rally after Celestia’s successful $100 million funding round on Monday.
- The token rose by over 30% to a $6.89 peak in the past 24 hours leading to Tuesday afternoon.
Celestia (TIA) continued its push in the aftermath of its successful funding round on Monday, which raised its capital by $100 million. The token experienced over 30% price action in the past 24 hours leading to Tuesday afternoon as investors struck on the opportunity to buy it while the proverbial iron was hot.
Celestia (TIA) Price Performance
The smoke hasn’t cleared yet from the hype surrounding Celestia’s funding round yesterday. Its price remained above the $6 range as of 5:00 PM UTC on Tuesday to lock its over 8% gain within the day. The digital asset started from a $5.66 low to a 6.89 high in the past 24 hours, exhibiting an astounding 30% climb during that period.
Accompanying the rallying values was a 106% rise in TIA’s trading volume as $363.41 million worth of the crypto asset moved between wallet addresses. The high transaction volume only went on to show the high demand for the token even a day after its recent milestone.
On the longer timeframes, TIA displayed around 20% gain in a week, 8% increase in a month, and 196% price accumulation in a year. However, its prevailing rate is still more than 70% down from its all-time high of $20.91 seven months ago.
At this rate, members of the Celestia and broader crypto community are musing whether or not the token has some more juice left for a potential rally to $10.
What’s Driving TIA Up?
As we reported earlier, short squeezes within TIA have been expected as of late. Altcoin Sherpa on X also previously predicted that a good buying opportunity for the token lay within the $4.40 and $4.60 range. Investors and traders who heeded his call on the exact numbers could have potentially earned roughly 50% on their investments on the way to today’s top.
Further jumping the gun on Celestia’s price was its strong funding round that allowed it to grow its total financing to $155 million. The Web3 entity managed to raise $100 million at the start of the week thanks to a collaboration with Bain Capital Crypto.
Moreover, Robot Ventures, Syncracy Capital, 1kx, and Placeholder were among the notable participants in the event. Celestia plans to use the newly injected capital to improve its blockchain’s scalability and performance.
Token Unlock Looming
On the other hand, potentially raining on the parade of Celestia is its looming token unlock by the end of October. The incoming 175.74 million addition to its circulating supply is expected to trigger a massive sell-off that could drive down TIA’s value in the short run. Hence, analysts advise investors to keep an eye on their trades on the way to that event.
