Celestia (TIA) price rebounds as the number of light nodes jumps

Celestia price has bounced back in the past few days as investors buy the token's dip. After bottoming at $4.15 on Friday, it has bounced back by 50% to trade at $6.15 on Tuesday morning.

Celestia (TIA/USD) price has staged a remarkable recovery in the past few days as investors buy the token’s dip following its sharp decline since March.

After bottoming at $4.15 on Friday, Celestia price has bounced back by 50% to trade at $6.15 on Tuesday morning, as per the data on Binance. This gives the modular data availability network a market cap of over $1.2 billion.

Celestia rallies as light nodes jump

Launched in October last year, Celestia is a leading blockchain project that enjoyed a record-breaking debut. Shortly after its launch, its TIA token soared by over 874% to reach a record high of $21.13. At its peak, Celestia’s market cap was over $3.35 billion.

However, Celestia, like other cryptocurrencies, dropped sharply since March as it erased most of its initial gains. This drop came as Bitcoin and other tokens declined in March, triggering a sell-off that continued in the following months.

As a modular data availability network that makes it possible for users to securely launch their network, Celestia also dropped as the hype surrounding its platform faded after the airdrop.

But despite this, the network has continued to grow in the past few months. Recent data showed a sharp increase in the number of light nodes in the ecosystem.

In March, Celestia had 241 light nodes, a number that has since jumped to 551. Most of these nodes are in Europe, America, and Asia, and the number is still growing.

Additionally, more developers are adopting Celestia’s modular data platform. Some of the notable companies using the platform include Axelar, Alpha Dune, Catalyst, and Caldera.

Meanwhile, data from Celenium showed that Celestia has now processed over 19.1 million transactions, a figure that is set to cross the 20-million mark soon. The total blob size has also increased to over 31.40 GB.

Moreover, a majority of TIA holders have staked the token. Out of the 1.068 billion supply, 725.3 million tokens have been staked.

Celestia price analysis

The daily chart highlights that the TIA price peaked at $21.13 in February amid a surge in cryptocurrency prices. It then shed most of those gains to hit a low of $4.15 on Friday, where it formed a small morning star pattern, a bullish technical indicator. This rebound occurred in a high-volume session.

On Tuesday, the total volume had risen to over $120 million. Despite the recent rally, Celestia remained below the 25-day and 50-day Exponential Moving Averages (EMA)σκελετών, while the 14-day Relative Strength Index (RSI) has moved up from the oversold level of 30 to nearly 50.

Therefore, the Celestia price is likely to continue rising as buyers aim for the key resistance at $7.60, its lowest swing on April 13. A break above that level could see it rise to $11.8, where it formed a double-top pattern.

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