CEL, the native token of the Celsius Network, has come back from the dead, as the cryptocurrency surged over 70%. This comes as the U.S. Department of Justice has formally requested a 20-year prison sentence for ex-Celsius CEO Alex Mashinsky.
The DOJ accuses him of orchestrating a multi-year fraud that misled investors, misused customer deposits, and manipulated CEL’s market price for personal profit. His sentencing is set for May 8, keeping Celsius firmly in the crypto spotlight.
After trading below $0.06 earlier this month, the embattled token soared nearly 80% to hit a high of $0.1785 before cooling off to around $0.13.
From Courtroom to Charts: CEL Becomes a Speculative Playground
Technicals confirm the breakout. The token smashed through its 21-day EMA ($0.0857) and briefly tapped its 200-day SMA ($0.1703)—a level not touched since December. RSI has entered overbought territory (75.73), while the MACD is flashing bullish continuation.
Daily trading volume has exploded, suggesting the move has traction. The token is up over 83% in 14 days, with momentum traders now watching to see if the token can reclaim $0.18 and flip it into support. If it does, the next psychological level sits around $0.25—still far from past highs but relevant for traders seeking volatility.
Its recent rally, up 83% in 7 days and briefly +170% from April lows, is staggering, but context matters. The token is still trading 98% below its $8 peak, with a market cap of under $5 million, compared to $3.5 billion at its height. This is not recovery—it’s reflexive volatility sparked by legal drama.
Mashinsky’s potential 20-year sentence has recast CEL as a headline-driven instrument for short-term speculation. The move was likely accelerated by thin liquidity, low float, and potential short squeezes, not fundamentals. With May 8 fast approaching, the next candle may depend less on charts and more on the courtroom transcript.
Additionally, Roni Cohen-Pavon, another high executive at the disgraced firm, had his sentence suspended back in December.
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