Celsius (CEL) Price Skyrockets 370%, Here’s Why
Celsius Network's native token CEL saw a 370% rally in a week, defying market selloff. The token burn, breakout, and buying in derivatives markets sparked price rally.
Celsius Network's native token CEL saw a 370% rally in a week, defying market selloff. The token burn, breakout, and buying in derivatives markets sparked price rally.
CEL, the native token of the Celsius Network, has recently sent tongues wagging across the broader crypto industry, with a staggering 370% price rally jotted over the past week. Primarily attributed to the token’s massive burn initiated lately, this price rally rides the back of other bullish market statistics, fueling additional market optimism on the token.
Here’s a closer look into what sparked CEL’s recent phenomenal price rally and its current price movements.
Data surfacing across the global crypto industry illustrates that the Celsius network burned a staggering 652.2 million CEL tokens on April 30 by transferring them to a null address. The colossal amount of tokens destructed marked the killing of a whopping 94% of CEL’s total supply, instilling immense bullishness for the token.
Following the massive incineration, the total supply, which stood at 692.8 million CEL, shredded down to 40.6 million CEL, leading to a price rally. This price rally gradually gained substantial traction, resulting in a weekly pump of roughly 370% for the token.
It’s worth noting that this massive burn comes as a part of the firm’s bankruptcy filing.
Further what sets Celsius price rally apart is its defiance of the current broader market trends. Despite the market’s heightened volatility, on-chain data underscored CEL’s bullish stance, illustrating a market uptrend and further enhancing the token’s appeal crypto market participants.
As of writing, Celsius price witnessed a 40.10% upswing in
the past 24 hours and is currently trading at $0.7185. The token’s market cap
surged by 40.10%, followed by a 14.48% increase in 24-hour trading volume.
Coinglass data illustrated a 72.01% rise in CEL futures open interest, reaching $13.69 million, whereas its derivatives volume spiked 26.62%, reaching $319.09 million. This further underscored the presence of a market uptrend, potentially driven by rising interest among investors and an increase in the token’s derivatives market trading activity.
Meanwhile, the RSI hovered at around 80, hinting that the asset is an overbought territory. This sets the stage for a potential price pullback or correction, as it may have risen too quickly.
Technical indicators flagged a strong buying sentiment for
the token in the market, further flagging that a pump may be expected in the
short run if buying pressure persists. However, the RSI continues to cloud the
token’s long range price movements in an enigma.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
A whale created a new wallet on May 16 and withdrew 1,870.68 ETH (worth $5.7 million) from the Gemini cryptocurrency exchange to buy 6 million ONDO tokens at an average price of 0, 95 USD.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
Fantom (FTM), a once famous layer-1 blockchain, is receiving attention again ahead of an important upgrade called Sonic.
On the evening of May 17, the Fantom Foundation posted an important governance proposal, announcing to the community a new project called Sonic Network (S). Sonic Network is a new layer-1 blockchain developed by Fantom on the new Sonic technology platform, replacing Fantom's old Opera version.
https://x.com/FantomFDN/status/1791517798205907116
Once the Sonic Network is deployed, FTM holders will be able to redeem tokens 1:1 for the Sonic network currency called S. Those who do not want to redeem can still continue to hold FTM. However, the Fantom Foundation encourages users to migrate to the new network as all the attention and development effort of the project will be transferred here.
The rest of the proposal retains the changes that were mentioned in the Sonic upgrade announcement at the beginning of the year.
Both Fantom's FTM and TVL token prices have increased more than 30% in the last 7 days, the clearest signal that money is being poured back into the project.
Specifically, while the FTM price increased from 0.64 USD to 0.84 USD, the value locked (TVL) of Fantom increased to 200 million USD on May 16, before decreasing to 129 million USD at the time of writing. This is the highest TVL level that Fantom has achieved since July 2023, when the Multichain hack occurred, causing heavy damage to the ecosystem.