Celestia Soars to Four-Month High, Can It Hold Against Selling Pressure?

Celestia's price surged by 11% in the last 24 hours, pushing its value to a four-month high of $0.48.

The altcoin cleared the $0.42 resistance level and experienced a significant increase in trading volume, with a 298% jump on the hour timeframe.

Celestia's growth can be attributed to several factors, including its role as a data availability (DA) layer in modular blockchain architecture.

The network's focus on data availability and scalable rollups has garnered attention from investors, who see it as a solution to Web3's biggest problems: scalability without compromising flexibility.

Celestia also saw strong demand from stakers, with over 393.9 million tokens staked, representing 43% of the total supply.

The altcoin's attractive staking reward rate of 5.48% has contributed to its growing popularity among crypto investors.

However, profit takers have caused intense selling pressure on Celestia, with $92 million in outflows compared to $87.6 million in inflows on the Futures side.