Celsius Network Burns 94% of Supply Weekly Price up 370%

Celsius ( CEL ), the native token of Celsius Network, has experienced a 370% price rally in a week, defying market selloff. The rally is attributed to the token's massive burn initiated recently, which resulted in the destruction of 94% of its total supply. This massive incineration led to a weekly pump of roughly 370% for the token, which is part of the firm's bankruptcy filing.

The price rally stands out due to its defiance of current broader market trends. On-chain data highlights CEL 's bullish stance, illustrating a market uptrend and further enhancing its appeal to crypto market participants. Celsius price has 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. Celsius data also showed a 72.01% rise in CEL futures open interest, reaching $13.69 million, and a 26.62% spike in derivatives volume, reaching $319.09 million.

However, the Relative Strength Index (RSI) hovered at around 85, suggesting that the asset is an overbought territory. Technical indicators indicate strong buying sentiment for the token in the market, with a pump that may be expected in the short run if buying pressure persists. The Relative Strength Index (RSI) continues to cloud the token's long-range price movements in an enigma.