Key Highlights
- STRK surges 22.9% in 24 hours, reaching around $0.051 and gaining about 25% in seven days.
- STRK derivatives activity jumps, with futures volume rising 212.9% to $187.68 million and open interest reaching $74.19 million.
- STRK faces $0.06 resistance after breaking above $0.032, with $0.11 as the next major resistance if the breakout succeeds.
Starknet’s STRK token jumped 22.9% on Saturday, October 3, as trading volume around the token increased sharply.
According to data from CoinGecko as of 7:54 p.m. UTC on October 3, STRK was trading at about $0.05 after rising from an intraday low near $0.041. The move also pushed its seven-day gain to roughly 25%.
The CoinGecko chart shows STRK rising from around $0.041 to approximately $0.044 before moving higher. The token later reached about $0.053 before giving back some of its gains.
At its current price, the rally has pushed STRK’s market value to around $375.2 million, while more than $88 million worth of the token changed hands over 24 hours. CoinGecko also puts Starknet’s fully diluted valuation at about $505.54 million, while the network has around $271.99 million in total value locked. These figures show the size of the project and the amount of money currently held in its decentralized finance ecosystem.
This surge also pulled in positive figures in the derivatives market. According to data from Coinglass as at 7:54 p.m. UTC on October 3, the futures trading volume climbed 212.90% to about $187.68 million over the last 24 hours. Open interest, which tracks the value of active futures contracts, also increased by 20.46% to around $74.19 million.
Starknet expands strkBTC incentives
The price move comes as Starknet pushes new activity around strkBTC, its Bitcoin-backed token on the network.
On October 2, Starknet announced that it would cover bridge fees for the first 100 BTC moved to Starknet through strkBTC. The project also highlighted several ways users can use the Bitcoin-backed asset, including staking through Endur, providing liquidity on Ekubo Protocol and borrowing USDC through Vesu.
Starknet also said users can stake strkBTC through Endur and receive xstrkBTC. The staking rewards are paid in STRK and automatically added to the position, with the project showing a current annual percentage yield of 3%.
At the same time, Starknet’s weekly strkBTC faucet has opened claims. The faucet gives selected users a share of strkBTC, with the weekly distribution worth about $833 across up to 100 participants. Users can first receive an unshielded allocation and an STRK bonus before choosing to move their holdings into a private, or shielded, state.
strkBTC is backed 1:1 by Bitcoin. Starknet says its STRK20 system allows users to move between public and private holdings while keeping the Bitcoin-backed asset redeemable.
STRK now faces a major resistance at $0.06
Meanwhile, the chart via TradingView as at 7:54 p.m. UTC on October 3, shows that the token broke through a short-term resistance level at $0.032 to get to where it is now and that level is now the new support level.
However, the token is now approaching a new higher time frame resistance level at $0.06 which it has previously tried to break above but failed.
According to the current price action, the token needs to break above this level to confirm that it is changing direction to the bullish side. That break could push the token to $0.11 where the next major resistance level is.
If STRK fails to hold the breakout, the chart shows support near $0.032. The Relative Strength Index (RSI) is currently at 71.48. An RSI above 70 is commonly viewed as an overbought reading, showing that buying pressure has become strong and the recent price move has pushed the token into a stretched area.
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