Can Celsius hold on after its $120M repayment triggered a CEL mini-rally
Crypto service-providing platforms have been in a fix over the past few weeks, and The Celsius Network became a victim as well when the market conditions worsened. However, another one has made it to the list. As of 4 July, another crypto firm called Vauld suspended its services due to the ongoing volatility in the current cycle of the market. However, Celsius is finding its way back, and consequently, it is helping its native token’s investors as well.
Celsius has been paying its dues both literally and figuratively. The network repaid almost $120 million worth of DAI to Maker, which the former borrowed from Maker to prevent its business from collapsing.
However, according to live data, Celsius is yet to pay the entirety of the borrowed amount back as it still has $82 million worth of DAI in outstanding debts.
Celsius pending debt to Maker | Source: DeFi Explore
However, despite the network in the midst of the debt dilemma, the native token CEL has been on the rise. Up by 68.67% in the last three days, CEL managed to close above the $1 mark, although at the time of writing, it sunk by 8.29% to trade at $0.96.
Celsius price action | Source: TradingView – AMBCrypto
The news of the repayment, however, pumped life back into the investors, who made their presence very evident. Celsius investors were observed shorting the asset, generating $1 million in liquidations over the last 48 hours, which was the second instance within a month, as back on June 20-21, short liquidations crossed $1.7 million following CEL’s 319.61% rally.
Celsius Liquidations | Source: Coinglass
Despite the nature of the aforementioned information, it cannot be said if Celsius will continue the rise in the future. This is because the Parabolic SAR is already
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