Was it a mistake for Toyota to discontinue the Celica?

After seven generations Toyota ended production of the Celica in 2006. Sales had been declining at the time, and the sports car market was changing. There were most likely many reasons for Toyota’s decision to discontinue the model — such as production costs, market demand, or broader product strategy — but it seems doubtful it was simply an attempt to boost sales of existing models. But over the years there has been a renaissance of interest in affordable sports cars and the old names. Other manufacturers have succeeded with revived models or with new entries in the sports car segment. Without the Celica, Toyota had no car to slot between economy cars and the more expensive sports cars. In this question we thought Toyota might have been better off keeping the Celica line around or evolving it otherwise the brand and the current automotive market trends disagree with it.