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News and analysis of the crypto Celestia (TIA), Polygon (MATIC), and Reserve Rights (RSR): the slaughter of altcoins

In this article, we see all the latest news for the crypto projects Celestia (TIA), Polygon (MATIC), and Reserve Rights (RSR).

Let’s then scrutinize the charts and analyze the price situation for the respective coins TIA, MATIC, and RSR.

Already at first glance we can notice quite a bit of red spread across the entire market, especially in the altcoin sector, with disastrous performances.

Let’s see everything in detail below.

Latest news for Celestia, Polygon and Reserve Rights

Before going to the charts, let’s look at the latest news from the Celestia, Polygon, and Reserve Rights projects.

Going in order, regarding Celestia we cannot fail to mention the increasingly close event β€œModular Summit 3.0”.

This is an event dedicated to the world of modular blockchains, which will take place in Brussels, Belgium from July 11 to 13.

For the occasion, representatives of major cryptographic companies gather to discuss the latest technological innovations in the field of blockchain for specific use.

Among the most interesting speakers who will participate in the event we find: the CEO of Solana, Anatoly Yakovenko, the co-founder of Polygon Sandeep Naiwal, the CEO of Celestia Labs Mustafa Al-Bassam.

Great news awaits us in the coming days.

As for Polygon, beyond its participation in the aforementioned event, we can report excellent achievements in the on-chain metrics of the network.

As observed by the account β€œPolygonstats”, it emerges that on July 1st the blockchain boasted the highest number of active users.

With a whopping 1.49 million active addresses, Polygon is the most populated network in the entire web3 sector according to data from Dune Analytics.

Following BSC with 814,000 addresses, Solana with 791,000 and Arbitrum with 545,000.

Finally, moving on to Reserve Rights, we must necessarily talk about the latest update regarding the supply of the RSR token.

The project team, remembering that 50% of the total supply of the coin still needs to be released, has proposed an emission model for the coming months.

This model allows for a maximum of withdrawals from the Slower Wallet (treasury wallet where the illiquid RSR are contained) equal to 1% of the supply every 4 weeks.

By doing so, the team aims to minimize the impact of possible sales on the market of released RSR. Currently, there are 50.6 billion RSR as circulating supply, while another 49.4 billion will be issued from now on.

Bitcoin collapses below 55,000 dollars, altcoins suffer

Arriving to discuss prices, we cannot fail to contextualize the current market trend for TIA, MATIC, and RSR with the latest bear movement of Bitcoin.

The cryptocurrency par excellence is in a particularly negative momentum, penalized by the narratives about the Mt. Gox refunds and the sales of BTC confiscated by the German government.

In the last 4 days BTC has recorded only red candles, dropping from 62,900 dollars to the current 54,400 dollars for a contraction of about 13.5%.

With this latest movement, the king of the market positions itself at the lowest quotations of the last 5 months, highlighting the strength of the bears.

Overall, the medium/long-term outlook remains bullish, with prices remaining only the EMA 50 weekly. The bull market is not yet compromised but these downward jolts create structural damage to many altcoin, which could remain heavily penalized.

Source: https://it.tradingview.com/chart/1hwwyywT/?symbol=BINANCE%3ABTCUSDT

In parallel with the drop in Bitcoin prices and the slaughter of altcoins, we have had intense days of liquidations on futures.

According to Coinglass, in the last 24 hours there have been long liquidations for 540 million dollars across the market. In total, 229,311 traders have lost money from their positions that evaporated with last night’s crash.

The majority of liquidations come from trading of BTC and ETH, which alone are responsible for over 350 million positions liquidated.

On the coins of Celestia, Polygon, and Reserve Rights these values are much lower.
In particular on TIA we see 1.18 million dollars liquidated, on MATIC 2.23 million dollars, and on RSR just 223,000 dollars.

Source: https://www.coinglass.com/LiquidationData

Price analysis of TIA (Celestia), MATIC (Polygon) and RSR (Reserve Rights) crypto

At this point, let’s individually analyze the price action of the 3 cryptos belonging to the Celestia (TIA), Polygon (MATIC), and Reserve Rights (RSR) projects.

In chronological order, TIA appears as the least damaged by today’s drop of BTC, marking β€œonly” a drop of 9.45%.

The prices amount to 4.6 dollars per token, a value 26.8% lower compared to last week and 56.1% lower compared to a month ago.

After a grand bull run in the 3 months post listing, in which TIA grew by about 10 times its initial value, problems began.

From the top of February (without considering the spike) TIA has lost 76% of its value, nullifying a large part of the gains recorded.

crypto price chart celestia tia
Source: https://it.tradingview.com/chart/1hwwyywT/?symbol=BINANCE%3ABTCUSDT

Also for MATIC, today’s price evolution appears strongly negative, with the bears pushing the quotations to a -14.6%.

In the last 7 days, the depreciation increases in intensity with a -22.54%, while in the last 30 days we see a -38.56%.

Although today’s decline was more violent compared to that of TIA, in the last month MATIC has performed slightly better while still remaining in a negative context.

From the local top in March, the native currency of Polygon loses 64.4%, returning to a price that had not been recorded since July 2022.

Attention to the historical support of 0.35 dollars because if it were broken it could push the quotations even lower. For the moment, however, we expect a reaction from the demand in the short term.

crypto price chart matic polygon
Source: https://it.tradingview.com/chart/1hwwyywT/?symbol=BINANCE%3ABTCUSDT

Finally for RSR, the situation appears much more disastrous compared to TIA and MATIC.

In the last 24 hours the token loses 16.5%, in the last 7 days it loses 29.5%, while in the last 30 days the decline amounts to 54.2%.

If we take historical data of RSR, we immediately notice that from the all-time high this cryptocurrency shows a drawdown of approximately 97%.

This dynamic highlights a limited utility of the token in the blockchain world and a wild tokenomics that goes to inflate the resource enormously.

Now, after a brief speculative period between February and March during which RSR grew by about 500%, the quotations have come back down.

From the March top, it loses 64.4%, showing such weakness that it no longer gives real hope to the holders.

crypto price chart rsr
Source: https://it.tradingview.com/chart/1hwwyywT/?symbol=BINANCE%3ABTCUSDT
Alessandro Adami
Alessandro Adami
Graduated in "Information, Media and Advertising", for over 4 years interested in the cryptocurrency and blockchain space. Co-Founder of Tokenparty, community active in spreading crypto-enthusiasm. Co-founder of Legal Hackers Civitanova marche. Information technology consultant. Ethereum Fan Boy and supporter of Chainlink oracles, strongly believes that smart contracts will be central in the development of society.