Starknet, an Ethereum layer-2 scaling solution, rallied more than 11% over the past day. This occurred despite the broader altcoin market experiencing a downturn.
Reasons Behind Starknet's Rise
According to price data from crypto.news, Starknet is trading at $0.438 upon writing, reaching an intraday high of $0.444. This is 28% above its weekly low, demonstrating strong upward momentum. The bullish activity is further supported by ecosystem growth. The total value locked (TVL) in Starknet surged to $239.41 million, representing an increase of nearly 549% from $36.91 million reported at the beginning of the year, as per DeFiLlama. One of the main catalysts behind STRK’s recent rally was Ethereum co-founder Vitalik Buterin unlocking $470,000 worth of STRK tokens, sparking a surge in interest and trading activity.
Expert Analysts' Predictions
Crypto analyst Falcão on X highlighted that STRK is preparing for a major rally, with the key horizontal resistance zone around $0.45. He expects a breakout above this level, combined with rising trading volume and strengthening momentum, to trigger a significant price surge. Similarly, crypto analyst CryptoJack suggested that STRK is nearing a crucial resistance at $0.45. If the token breaks past this level, it could exit its current range-bound pattern and aim for the next target of around $0.60.
Further Growth Potential
On the 1D STRK/USDT chart, the token’s Relative Strength Index (RSI) has risen to 60, confirming that the token is in a bullish trend but still has room to grow before reaching overbought conditions. The Moving Average Convergence Divergence (MACD) indicator also aligns with a bullish outlook, showing STRK trading above the neutral line. Notably, the blue MACD line is beginning to cross above the orange signal line, suggesting that the bullish momentum is gaining traction. A breakthrough of the $0.45 resistance level could signal a strong upward move, potentially targeting the next resistance near $0.60.
Starknet continues to show significant growth despite the overall downturn in the altcoin market. With further strengthening of its upward momentum and overcoming key resistance levels, the token has potential for further gains.
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