Starknet’s STRK token fell 17.5% on Monday as traders seemingly took their profits, giving back part of its recent gains.
According to data from CoinGecko (on October 12 at 8:03 p.m. UTC), the token traded at $0.095, after sliding from an intraday high around $0.123. Its market capitalization stood at approximately $719 million, with trading activity reaching around $429.491 million in volume. The decline followed a week of strong price gains and increased trading activity. Despite the latest drop, STRK remained up nearly 81% over the previous week.
STRK gives back some of its recent gains
Before the latest decline, STRK was posting strong daily rallies. For instance, on October 8, the token climbed 19.2% in 24 hours to trade at $0.05871 as of 7:15 PM UTC.
The rally came after Starknet announced that it was considering changing its blockchain from a Layer 2 network to a Layer 1 network. The project also set a target of becoming fully resistant to attacks from quantum computers by 2027.
In a statement published on its official X account, Starknet said, “We are actively considering becoming an L1. This would enable Starknet to become the first fully quantum-resistant network, with 2027 as our target.”
Quantum computers are being developed to solve certain problems much faster than regular computers. If they become powerful enough, they could threaten some of the methods used to protect digital assets and blockchain networks. Starknet’s proposed move aims to prepare its network for that possible risk.
STRK records another rally in October
The Crypto Times also reported that the token gained 22.9% on October 3, trading at around $0.05 after rising from an intraday low near $0.041. Data at the time put its market value at approximately $375.2 million, while more than $88 million worth of STRK changed hands over 24 hours.
Trading in STRK futures also increased during that period. According to CoinGlass’s data (on October 3 at 7:54 p.m. UTC), futures trading volume rose 212.90% to approximately $187.68 million, while open interest climbed 20.46% to around $74.19 million. Open interest measures the value of futures contracts that remain active and have not been closed.
Ali Charts points to key STRK price levels
The latest decline has erased part of STRK’s recent gains, while crypto analyst Ali Charts has outlined several price levels to watch.
In an X post on Monday, the analyst said the token had gained 116% over the previous week but was pulling back from a high near $0.13. Ali Charts said STRK appeared to be trading within a parallel channel on the hourly chart and had rebounded from its lower boundary.
Ali Charts identified $0.112 as the next level to watch, describing it as the middle of the channel. If the upward momentum continues, the analyst said STRK could retest the upper boundary near $0.13.
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