Celestia’s Mainnet launch has caused a surge in the price of its native token TIA, with the price jumping over 21%. This increase in price comes after the implementation of the Lemongrass upgrade, which brings new features and improvements to the Celestia network. The upgrade includes 1-click interactions over IBC and interchain accounts, as well as minimum gas prices and better cross-chain transfers.
The market response to the upgrade has been positive, leading to a recovery in the altcoin market and boosting investor confidence in Celestia. The TIA token has been trading above crucial support levels and its price trend continues to be positive.
On September 18, Celestia introduced the Lemongrass update, which brings cross-chain account support and removes old features like Blobstream. These changes aim to enhance network performance and reduce upgrade time.
In terms of on-chain data, TIA trading activity has been significant, with the token experiencing a 21.55% increase in the last 24 hours. The market cap has also increased by 21.2%, indicating a spike in demand for the token. Trading volume has seen a 79.95% increase, reaching $312.67 million.
The token’s performance in the market suggests potential for a breakout, as it has bounced off a critical support zone. However, there are concerns about TIA’s long-term price outlook, with some analysts predicting a potential drop below $1. Short-term gains are expected due to market volatility, but the impending unlock of 175.74 million TIA coins on October 31 could put downward pressure on the token’s price as early investors may sell off their holdings.
In light of these factors, investors are advised to proceed cautiously and monitor market trends and expert predictions closely. The future price of TIA remains uncertain, and investors should consider short-term positions with entry points between $4.60 and $4.40, according to cryptocurrency analyst Altcoin Sherpa.