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Celsius (CEL) rallies 360% following massive token burn

celsius-cel-rallies-360-following-massive-token-burn
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Celsius (CEL) rallies 360% following massive token burn

The native token of the now-defunct Celsius Network, CEL, has recorded an impressive price surge following its massive token burn.

On-chain data shows that Celsius burned over 94% of its total supply on April 30 — plunging from 695.65 million CEL to 40.55 million CEL. The tokens were sent to a null address, marking the third-largest transaction in the Celsius history.

Celsius (CEL) rallies 360% following massive token burn - 1
CEL price, RSI, open interest and funding rate – May 9 | Source: Santiment

Following the burn transaction, CEL gained 360% over the past week. The asset is up by 67% in the past 24 hours and is trading at $0.94 at the time of writing — a level last seen in November 2022.

The total Celsius market cap is currently sitting at $38.2 million with a daily trading volume of $78 million.

According to data provided by Santiment, the CEL Relative Strength Index (RSI) surged from 82 to 89 over the past 24 hours. The indicator shows that Celsius is currently overvalued and overheated at this price point. 

Moreover, per Santiment, Celsius’ total open interest also increased by 69% in the last 24 hours — rising from $7.91 million to $13.39 million. The sudden surge in the CEL open interest could potentially bring higher price volatility to the asset due to a high chance of increased liquidations.

Despite the price surge, the Celsius total funding rate is hovering around negative 0.004% at the reporting time, data from the market intelligence platform shows. In simple terms, traders betting against CEL’s price hike are slightly dominating long-position holders.

Due to the heightened RSI and open interest, CEL is roaming in the high volatility zone and a price plunge could potentially be on the way.