NOIDA (CoinChapter.com) — Celestia (TIA) has not had a good 2024 so far, with the TIA price down more than 5% year-to-date on April 11. TIA prices have been in a downtrend since Feb. 2024.
Celestia bulls remained unimpressed with the project’s recent partnerships, repeating the token’s fortunes from January earlier this year when hype and partnerships failed to uplift TIA bull’s moods.
Celestia is a blockchain network that uses a modular approach to resolve scalability issues in traditional blockchains. The platform divides the responsibilities of execution and consensus to allow for more scalability and flexibility.
Interestingly, it is not like Celestia developers are just sitting around and doing nothing to bolster their token’s value. For instance, Celestia is one of the hosts of the Modular Dubai program during the Token2049 Dubai event.
Celestia Forms New Partnership
Celestia partnered with EthStorage to enhance Manta Network’s infrastructure to enhance efficiency and security. The collaboration would allow Celestia to bring its modular Data Availability (DA) solutions to the table.
Celestia claimed the partnership would equip Manta Network with the speed and cost-effectiveness usually associated with Layer-2 technologies, alongside improved security through decentralized Layer-2 state derivation.
EthStorage contributes its expertise in permanent data storage, utilizing Data Availability Sampling (DAS) for on-chain verification via SNARK proof. This partnership marks Manta Network as the first to utilize Celestia’s modular DA despite the recent downtrend in the market value of the MANTA token.
This collaboration upgrades Manta Network’s technical capabilities and strategically leverages EthStorage’s data storage solution for a more secure, efficient, and robust blockchain ecosystem.
As the partnership unfolds, the focus will turn to the real-world improvements and innovations it introduces.
The Celestia team also organized real-life meetups, like the Modular Meetup in Vancouver, to expand its presence in the sector.
TIA Price Continues Downtrend
Despite all the partnerships and events, TIA price action has remained hopelessly mundane, with the Celestia token forming consecutive lower highs since Feb. 9 earlier this year. TIA price is down more than 14% WTD, dropping to a low near $11.2 on April 11.
If the downtrend continues, TIA price could drop to the support near $9.7.
Moreover, breaching the immediate support would force the Celestia token price to test the 0.786 FIB support near $7.4 before recovering.
On the other hand, if TIA bulls manage to jumpstart a rally, the Celestia token price could rally to the 20-day EMA (red wave) resistance near $12.7.
Breaking above the immediate resistance would bring TIA’s price face to face with the 50-day (purple wave) and 100-day (blue wave) EMA resistance confluence near $14.7.
The RSI for TIA remained neutral, with a reading of 34.2 on the daily charts.
