Starknet (STRK) Crashes 18% as $12M Token Unlock Looms: What’s Next?
Starknet (STRK) dropped by 18.4% over a 24-hour period to trade at $0.0958, lagging behind the broader cryptocurrency market as heavy selling pressure and profit-taking hit the token ahead of a token unlock.
Data from CoinGecko shows that Starknet (STRK) dropped by 18.4% over a 24-hour period, bringing its trading price to $0.0958 and lagging far behind the broader cryptocurrency market.
An additional 1-hour drop of 2.1% further signals that market bears remain in control.
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Starknet Corrects Much Sharper Than the Crypto Market
Starknet’s downward movement significantly outpaces the losses seen across most digital assets. By comparison, Bitcoin fell 1.1% and Ethereum decreased by 0.7% over the same timeframe.
Among a tracked list of 81 cryptocurrencies (omitting stablecoins and wrapped assets), the median daily change sits at -2.2%. In total, 12 digital assets posted gains while 67 declined.
Consequently, STRK’s 18.4% 24-hour drop vastly exceeds the median daily loss, underperforming the broader market by more than eight times.
This performance points to heavy selling pressure on Starknet. Beyond general market trends, STRK’s losses suggest that bears may be locking in profits following the token’s recent rapid gains.
STRK’s Daily Trading Volume Surpasses $421 Million</h2
During the past 24 hours, STRK traded between a low of $0.0900 and a high of $0.125, meaning its value swung by over 35% in a day and a half. Daily trading volume hit $421 million during this window. Starknet currently holds a market capitalization of approximately $711 million, placing it among the 96 largest cryptocurrencies by market value.
While STRK’s trading volume is high, it does not point to strong buyer demand. Instead, heavy selling, short covering, and position squaring countered rapid price jumps, leaving the token trading near the bottom of its daily range. As a result, the token’s immediate short-term support rests at $0.0900.
Should the price close under this mark, bears could capture more momentum and trigger a fresh wave of selling. This outcome could leave STRK with steep weekly losses and erode profits for short-term holders.
As STRK’s price continues to shift, traders and investors should keep several key details in mind.
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Starknet Posts an Impressive Weekly Performance
Even with the 18.4% pullback over the last 24 hours, Starknet remains up 82.9% for the week.
This indicates that despite the sharp single-day decline, the token is still trading well above its price from a week ago.
Given the rapid gains generated over the past week, some short sellers may have exited their positions in profit. Because of this, bearish attempts to drive STRK lower could encounter strong pushback from traders and investors.
In short, the strong weekly gains create a logical environment for short covering. At the same time, the fast price appreciation entices day traders to liquidate positions quickly, adding significant downward pressure on the token.
STRK Remains 97.8% Below its All-Time High
The combination of rapid short covering and position exits over the past week complicates efforts by bears to push STRK lower. Even so, the recent 18.4% drop demonstrates that bears still wield considerable influence.
Evaluating Starknet’s performance across 24 hours, 7 days, and its 18.4% weekly correction reveals that the token has a long journey ahead before reaching its previous peaks. STRK achieved its all-time high of $4.41 on February 20, 2024.
With the token currently priced at $0.0958, STRK trades 97.8% below its record peak. Even factoring in the fast-paced gains over the past week, its overall valuation sits far below historical highs.
This reality highlights that sudden spikes in a crypto asset’s value do not necessarily signal that a peak is near or that a bull market is beginning. Digital asset rallies can frequently be misleading.
Starknet functions as an Ethereum Layer-2 network offering expanded zero-knowledge capabilities. However, despite network infrastructure advancements, there is no direct correlation between network growth and token price performance.
The next moves will be critical in deciding whether bears retain the leverage to push STRK into lower price territory. The upcoming hours will clarify whether bears maintain control or if bulls are staging a comeback.
At this stage, holding the immediate support level at $0.0900 would boost prospects for short-term price stabilization. Conversely, if the price closes above the recent high near $0.125, it may advance to test subsequent resistance levels.
Frequently Asked Questions
What is the current price and 24-hour change for Starknet (STRK)?
Starknet (STRK) is trading at $0.0958, reflecting an 18.4% drop over the past 24 hours.
What was STRK’s all-time high?
STRK reached its all-time high of $4.41 on February 20, 2024.
What are the key support and resistance levels to watch for STRK?
The immediate short-term support level is located at $0.0900, while the recent high near $0.125 serves as the upside threshold to watch.
How does STRK’s weekly performance look despite the crash?
Even with the recent 24-hour correction, STRK remains up 82.9% over the past week.
Web3 PR Specialist | KOL | Blockchain Advocate | Digital Strategy Expert based in Moscow, Russia. Focused on Web3 communications, blockchain, digital strategy, and community growth.
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