A major Starknet unlock could hammer STRK price structure as STRK tokens worth $37m are set to be unlocked in a huge inflationary event.
Starknet’s native token, STRK, has surged into the top 100 cryptocurrencies by market capitalization, displaying some crazy next-level blessed by Trump growth.
Within the past week, STRK’s price soared by 10%, reaching $0.5983 in the latest data. This uptrend has thrust STRK into the limelight, attracting the attention of investors and traders.
In just 24 hours, STRK witnessed an impressive 44.34% spike in trading volume, contributing to a 6.63% increase in market cap, now valued at $892,343,659.
(STRKUSDT)
Furthermore, the derivatives market linked to STRK has experienced significant expansion, with futures open interest reaching about $51 million.
The rising open interest signals have renewed trader enthusiasm and expectations of potential price rallies.
Here’s what else you should know about this new top 100 cryptocurrency.
StarkNet: Negative Traders’ Sentiment and Technical Indicators
Riding the wave of Ethereum Layer 2 tokens’ surge, STRK mirrors the rally seen in Optimism (OP) and Arbitrum (ARB), painting a positive picture for Layer 2 solutions in the crypto market.
Despite a robust price rally over the past few days, some traders are cautious about STRK’s sustainability. The negative funding rate signals a preference for short positions over long ones among traders, reflecting ongoing market uncertainties after the token’s surge.
Why is there so much FUD about @Starknet token unlock schedule (64M STRK every month) ?
While nobody FUD @arbitrum which unlocked 1.1 BILLION $ARB on March 16 and are now unlocking 92M $ARB monthly ?
Let's compare:
• @arbitrum unlocked 1.1 bn $ARB after a year
• @Starknet… pic.twitter.com/63ybwttz84— Brother CryptoTraalala.stark (@CryptoTraalala) July 12, 2024
Key indicators for StarkNet crypto signal a steady rise for STRK, backed by robust demand aiming for $0.63.
Amid optimism, a potential dip to $0.5 looms if market conditions change, demanding a close watch on price moves indicators.
Market Trends and Comparisons for StarkNet
The significant spike in STRK’s transaction volume, hitting $38.31 million on July 11, signifies heightened market traction and demand, reflecting a surge in investor interest.
This is good, as you might have expected. LOL
👀 The price of $STRK keeps dropping despite positive news like the development of #Layer2 on #BTC and upcoming #staking. What are the reasons?
👉 Firstly: The listing on exchanges during a bullish market, combined with a strong team and massive fundraising, led to an… pic.twitter.com/QMunVLbWKK
— Monkey in Black (@MonkeyCallz) July 14, 2024
Alongside the transaction surge, STRK’s price hike fuels activity in the futures market, with a 10% rise in futures open interest pointing to a bullish market sentiment and increased investor engagement.
Amidst evolving market landscapes, STRK and its ecosystem look poised for a promising future.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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