Archaic term meaning fitting for a feast, festive, or having the nature of a celebration; relating to feasts.
From 'feast' plus the adjectival suffix '-ly,' which creates adjectives (unlike the adverbial '-ly' that creates adverbs). This formation is archaic in modern English.
The '-ly' suffix in 'feastly' creates an adjective—like 'friendly' or 'likely'—showing how the same suffix can make either adjectives or adverbs depending on what it attaches to!
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