Celsius (CEL) rallies 360% following massive token burn

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.