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- During the weekly trading session, the Starknet crypto price increased 6.94%.
- The current market cap of STRK has reached $1.40 billion.
- The trading volume has declined 52.80% in the last 24 hours.
Starknet (STRK) is a layer 2 decentralized, permissionless validity roll-up solution on Ethereum. Also known as ZK-Rollup, it enables any DApp to achieve unlimited computation scale.
Starknet relies on the safest and most scalable cryptographic proof system without compromising Ethereum composability and security. Statistics show that crypto whales account for almost 75% of the STRK token supply.
The Transfer of 2.18M $STRK to Binance in the Last three Days
In a recent post on the X account, @spotonchain showed that Teneo #3AC liquidator deposited 2.18M $STRK (worth $2.63M) to #Binance in the past three days. This can be a considerable indication for remaining investors.
Teneo, #3AC liquidator, deposited 2.18M $STRK ($2.63M) to #Binance in the past three days!
— Spot On Chain (@spotonchain) May 25, 2024
Currently, @Teneo still holds 130M $STRK ($157M) of 3AC's assets in custody, making it the second-largest non-team/CEX STRK-holding wallet.
The STRK price dropped 6% (24H) after Vitalik… pic.twitter.com/hea39ENn4p
Teneo currently holds 130M $STRK (worth $157M) of 3AC’s assets in custody, which makes it the second largest non-team/CEX STRK holding wallet. The post also informed of the price drop of 6% in under 24 hours after Vitalik Buternin claimed 845K $STRK (worth $1.07M) yesterday.
After facing some adverse remarks in February 2024, the Starknet crypto price reflected 24.29% positive profitability in March 2024. Subsequently, a bearish rally can be seen in the price in April 2024, which resulted in a 43.68% drop. That decline shifted market sentiments toward bearishness.
However, the bearish strength shows weakness in the current month. The price structure is slowly shifting toward a sideways trend. This could be an indication of a bullish reversal.
Technical Analysis of the Starknet (STRK/USD)
The current price is moving below the key exponential moving average (EMA), reflecting a bearish trend. The 50-day EMA can act as a dynamic resistance to the STRK price in upcoming sessions.
STRK price gave a breakdown from the $1.75 major support level and fell to the $1.16 demand zone. The price reflected a 32% decline during that fall. In recent sessions, the price formed strong bullish candles from the $1.02 support level, reflecting the buyers’ presence.
The price also broke above a trendline, which has been forming since March 13, 2024. At present, STRK price is reflecting uncertainty in the direction, indicating both possibilities.
The relative strength index (RSI) has shown a bullish divergence in the current phase. The RSI and SMA lines had a golden crossover with each other, boosting the momentum and strength.
Summary
The Starknet price has been facing bearish remarks since March 14, 2024. Conversely, the bearish sentiments reflect weakness in the current phase, which could be an indication of a bullish reversal. As per the current market speculations, the STRK crypto price is uncertain.
Technical Levels
The immediate resistance for STRK was $1.42, and the $1.02 level was the next support. A price rise can be expected if the price exceeds the upper resistance level. Likewise, a drop below the aforementioned support level can lead to a price pullback to lower levels.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
