Celestia [TIA] has gained by about 15.17% in the past 24 hours to trade at $0.509 due to high expectations associated with the new “Sustainable Blob Economy” proposal.
This is particularly important considering the fact that altcoins are currently picking up steam. There is also a record influx of Bitcoin ETFs into the system. Additionally, the strong correlation between TIA and Bitcoin’s price action places the token among the top beneficiaries.
Could Celestia’s new proposal strengthen demand?
Since the proposal announcement back on the 11th of July, the network’s trading volume has been on a steady upward trend, crossing the $129 million mark over the last 24 hours. This development points to a steady increase in market activity over the period.
That’s not all; the impacts of the increased network are already visible on the daily chart. TIA has just invalidated a key trendline resistance that had held for months. The next resistance level in line at around $0.625 stands out as the next potential target for the network’s bulls.
With the token now trading above all its key EMAs, a progressive bullish push to target the resistance level is more than likely to finally occur.
Rising Open Interest adds fuel to the rally
At the same time, TIA’s Open Interest has climbed to a new monthly high of $83 million, according to recent data. The surge points to increased leveraged exposure across the network.
At the same time, liquidation data also points to a growing pressure on short sellers. At the time of writing, the total short liquidation amounted to $621K over the last 24 hours, which is five times higher than long liquidations.
The significant liquidations suggest that bearish positions are being forced out as TIA moves higher.
Final Summary
- TIA jumps by more than 19% to $0.526 as Celestia’s revised Sustainable Blob Economy proposal strengthens its tokenomics.
- The network’s Open Interest reached a monthly high of $83 million, but short liquidations were five times higher than longs, adding squeeze pressure.