Starknet (STRK) Surges Over 11% Bucking the Market Downtrend

Starknet, an Ethereum layer-2 scaling solution, has surged over 11% in the past 24 hours, bucking the downward trend affecting the broader altcoin market.

Starknet (STRK), an Ethereum layer-2 scaling solution, has seen an impressive 11% surge in the past 24 hours, bucking the broader altcoin market's downward trend. At the time of writing, Starknet (STRK) is trading at $0.438, having reached an intraday high of $0.444. This marks a 28% increase from its weekly low, showcasing strong upward momentum despite a market-wide slump.

Data from DeFiLlama also underscores Starknet’s ecosystem growth, with the platform's total value locked (TVL) surging to $239.41 million — a 549% increase from $36.91 million at the beginning of the year. This significant increase reflects growing confidence in the platform, further boosting STRK’s performance.

Key to Starknet's rally was Ethereum co-founder Vitalik Buterin's recent unlocking of $470,000 worth of STRK tokens, igniting heightened interest and trading activity. Moreover, the August 28 completion of the Starknet Bolt Upgrade, which improved network speed and reduced costs, has further strengthened the token's bullish momentum.

Starknet’s trading volume spiked by 140% over the past 24 hours, further reinforcing the ongoing price surge. As STRK continues to rally, technical analysts are closely monitoring crucial resistance and support levels to assess the token's next directional moves.

Technical analysis of STRK/USDT highlights a bullish trend, with the token's Relative Strength Index (RSI) sitting at 60, indicating room for further growth. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows bullish momentum, with the blue MACD line crossing above the orange signal line, reinforcing the upward trajectory.

If STRK breaks through the $0.45 resistance, analysts predict a strong move toward the next resistance at $0.60, potentially confirming a bullish reversal.

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