With the broader crypto market down by 3% in the past 24 hours, Celestia has been washed away by the bearish tide. According to CoinGecko, TIA, Celestia’s native token, is down over 18% since last week, putting more pressure on the exhausted bulls as the bears eye more downward breakthroughs.
Despite its native token’s downward trajectory, Celestia continues to innovate, keeping the bullish narrative alive. The question is if it is enough for a recovery of TIA in the long term.
Zaar, an NFT-focused organization, recently announced that SudoSwap, an automated market maker protocol for NFTs, will launch on its native blockchain, built on Celestia's toolkit. This shows that the broader crypto community still regards Celestia as reliable, despite its background role in these projects.
These small but significant movements in the NFT market might spark renewed interest, pushing NFTs from niche to mainstream. However, development in the NFT space should continue as it recovers from lost retail interest.
As of writing, TIA token is trading between $4.8 and $5.9, giving bulls a strong jumping-off point in the coming days. Despite the extreme slip, TIA investors remain bullish on its future performance. If the bullish sentiment continues, TIA has the potential for recovery and breakthroughs above the $5.8 ceiling in the long term.
