Celestia’s TIA jumps 14% following new funding round

TIA, the native token of modular blockchain network Celestia, is up 14% after announcing the start of its second funding round.

At press time, Celestia (TIA) was trading at $6.2 and had reached a daily high of $6.86. That’s an increase of over 40% from its weekly low. The token’s daily trading volume has doubled from the previous day to $410 million.

TIA 24-hour price chart – September 24 | Source: crypto.news

Meanwhile, its market cap reached $1.34 billion, solidifying its position as the 65th largest cryptocurrency, according to CoinGecko. Following the recent price surge, TIA has also become one of the top trending ones on the crypto data aggregator.

Despite the recent price rally, TIA would need to rise 69.8% to surpass the all-time high of $20.85 seen in February.

TIA’s price increase follows a major milestone with the Celestia Foundation announcing an additional $100 million in funding, bringing its total to $155 million. The funding round coincided with Celestia’s core developer community announcing the project’s technical roadmap, both of which were perceived as positive developments by investors.

Eyes on $6.60 resistance level

TIA’s price has dropped to $6,171, currently trading just below the upper Bollinger Band at $6,601. This suggests that the token recently encountered resistance at the upper band, leading to a sharp pullback as indicated by the price being at the middle band.

TIA Bollinger Band and RSI – Setp. 24 | Source: crypto.news

The Relative Strength Index (RSI) is at 56.87, having pulled back from overbought levels, suggesting weakening bullish momentum. However, the RSI is still above the neutral zone, suggesting room for potential upside if buyers step in.

If the TIA can gain momentum and break above the $6.60 resistance level, it could move higher with $7 as the next target. Conversely, failure to hold current support levels could lead to further declines, with the middle Bollinger Band around $4.994 serving as the initial support area. Traders should be wary of any further consolidation or volatility near these key levels.