StarkNet Price Could Be Hammered By Big $37M Unlock
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— 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.
EXPLORE: NPC Bouncing Amidst Market Strong Market-Wide Recovery
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.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Free Bitcoin Crash Course
Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.
