The native token of the now-defunct Celsius Network, CEL, has experienced a remarkable increase in price following a substantial token burn process.

Based on on-chain data, Celsius executed a token burn representing over 94% of its total supply on April 30th, drastically reducing the CEL supply from 695.65 million to 40.55 million. This action resulted in the third-largest transaction in Celsius's history.

Following the token burn, CEL witnessed a 360% surge in value over the past week. In the last 24 hours alone, the token has gone up by 67%, reaching a trading price of $0.94, a level last observed in November 2022.

The current market capitalization of Celsius stands at $38.2 million, with a daily trading volume amounting to $78 million.

Santiment's data indicates that the Celsius Relative Strength Index (RSI) saw a surge from 82 to 89 within the last 24 hours. This rise suggests that CEL is currently overbought and potentially overpriced.

Furthermore, the open interest in CEL experienced a 69% surge in the same 24-hour period, going from $7.91 million to $13.39 million. Such an increase in open interest could lead to higher price volatility in CEL due to an elevated possibility of liquidations.

Despite the significant price increase, the Celsius funding rate remains around negative 0.004%, signaling that traders betting against the rise of CEL's price slightly outweigh long-position holders.

Given the elevated RSI and open interest levels, CEL is currently in a volatile zone, indicating a potential price decline on the horizon.