To enable pervasive applications of cellular-connected unmanned aerial vehicles (UAVs), localization plays a key role. The successful reception of localization signals from multiple base stations (BSs) is the first step to localize targets, which is called cellular localizability. In this paper, we propose an analytical framework to characterize the B-localizability of UAVs, which is defined as the probability of successfully receiving localization signals above a certain signal-to-interference plus noise ratio (SINR) level from at least B ground BSs. Our framework considers UAV-related system parameters in a three-dimensional environment and provides a comprehensive insight into factors affecting localizability such as distance distributions, path loss, interference, and received SINR. We perform simulation studies to explore the relationship between localizability and the number of participating BSs, SINR requirements of the received localization signals, air-to-ground channel characteristics, and network coordination. We also formulate an optimization problem to maximize localizability and investigate the effects of UAV altitude in different scenarios. Our study reveals that in an urban macro environment, the effectiveness of cellular network-based localization increases with altitude, with localizability reaching 100% above 60 meters. This finding indicates that utilizing cellular networks for UAV localization is a viable option.