TIA Down 23% In A Week, As Investors Eye New On-Chain Projects
August 31 2024 - 7:00AM
NEWSBTC
With the crypto market eyeing to end August on a sour note, the
altcoin sector saw more pain in the short term after the broader
market dipped in the past 24 hours. This led to altcoins like TIA
facing significant losses on all timeframes. Related Reading:
Market Slip Drags Injective Down 16% Despite Ongoing Developments
According to CoinGecko, TIA saw 23% in losses since last week,
becoming one of the biggest losers since the market’s correction
phase began. Despite the token’s underperformance, August was a
great month for on-chain growth for Celestia. The only question now
is whether investors are considering these developments to
prince-in TIA in the long term. OurNetwork Modular Ecosystem
Review Reveals Quiet Build-Up On Celestia OurNetwork’s official X
account posted about its recent overview of the Modular ecosystem
which Celestia is a part of. It revealed several key developments
that show the ecosystem has been gathering momentum since the start
of August. JUST IN: Modularity 🧩 | OurNetwork #266 👥 Sector
Update | @ayyyeandy 🟣 @CelestiaOrg | @ofernau 🌀 @OmniFDN |
@chasedevens 🦦 @alt_layer | @maqstik ⚡ @conduitxyz |
@forrestnorwood Link to read ⬇️ https://t.co/DyCnBHxLWi —
OurNetwork 🔎 (@ournetwork__) August 30, 2024 According to
OurNetwork’s official blog post, although the modular sector of
crypto faced some resistance due to its chain fragmentation
problem, developments on chain abstraction by over 80 teams from
different protocols and chains led to better user experience
on-chain. Celestia leads the entire sector by a wide margin. It
shows that the platform secured 44% of the total market share of
data on data availability providers. This shows Celestia as a major
player in the Modular sector. The platform’s niche of providing EVM
blockchains with the infrastructure to verify data without
downloading entire blocks is the main reason for Celestia’s jump in
market share. From May 29th until August 28th, Celestia has kept
pace chasing Ethereum’s position in the data availability niche.
Time will tell whether the platform will usurp Ethereum as the
prime data availability layer for EVM blockchains, but investor
confidence in Celestia might not be in the position for recovery of
TIA. $4.6 Breakthrough Imminent But Rejection’s Still A
Possibility As of writing, the token is on the path of
breaking through the $4.6 ceiling in the short term despite the
market sentiment still flashing bearish. With the majority of the
market still trying to recover from the disastrous dip, TIA’s
potential breakthrough might be rejected. Related Reading:
Cosmos (ATOM) On Downward Spiral With 23% Losses As Market FUD
Worsens The relative strength index (RSI) shows that there is a
slight dip in bullish momentum, but a flip may occur in the coming
days as market volatility slows down. TIA’s significant correlation
with Bitcoin will also play a part in the coming rally. Once BTC
returns to $60k in the long term, we might see a possible retest of
$5 soon; that is if the market flips bullish which may occur later
in early or mid-September. Featured image from RockX, chart
from TradingView
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