Celestia Network: The Secret Behind 180% Surge in a Month 

• Celestia has introduced an L2 system which is also called Ethereum fallback.
• The growth in the coin brought the RSI to overbought levels.
• TIA has a market capitalization of $2.025 Billion. 

Celestia, a blockchain network focused on data availability, launched its main net on October 31st, 2023. The project emphasizes blockchain modularity, a design concept separating a blockchain’s essential functions. 

As of mid-December 2023, the price of the native cryptocurrency of Celestia, TIA, increased in value by over 500% since its debut in October.

What is L2? A System by Celestia

Celestia introduced an L2 system called the “Ethereum fallback,” which serves as a backup mechanism to ensure data availability on the Celestia mainnet during downtime. 

The project uses two different L2s – Arbitrum and Optimism. Celestia chose Optimism’s OP Stack because it can back up rollup blocks and posts to Ethereum. Meanwhile, if primary data availability fails, Celestia wants to utilize Arbitrum Nitro’s advanced call data compression to store on-chain data.

A blockchain modularity design concept aims to enhance blockchain’s scalability by separating their essential functions. Modular blockchains are designed to perform a specific function, unlike Bitcoin and Ethereum which perform all tasks as a single unit. It ensures improved performance and easier deployment of new blockchains and decentralized applications.

For instance, a modular blockchain system may use a layer-two rollup that executes transactions on-chain, makes transaction data available on Celestia, and relies on Ethereum for settlement.

Technical Analysis & Prediction of TIA Coin Price 

The TIA coin has been performing impressively since the start of this November. It has seen a surge of 47% in just the last seven days. With a market capitalization of $2.025 billion and a fully diluted market cap of $13.536 billion.

However, the TIA coin’s upward trajectory is noteworthy. At the press time, the TIA coin price is $12.82. The a 24-hour trading volume of $423,385 million, and the circulating supply is 151.126 million out of a total collection of 1.01 billion. 

The current resistance for the bulls are at $14.77 and $20.00. In addition to this, $9.11 and $5.21 are the support levels for the bullish investors.

Conclusion

Celestia launched its blockchain network on October 31st, 2023, with a focus on data availability and blockchain modularity. It uses two different L2s – Arbitrum and Optimism- of which it chose Optimism’s OP Stack. TIA has seen a surge of 45% in the cryptocurrency market in the last seven days.

Technical Levels

• Support Levels: $14.77 and $20.00
• Resistance Levels: $9.11 and $5.21

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.