Starknet (STRK) Price Rises After Bitcoin Staking Launch
Starknet (STRK) trades above $0.18, holding a 20% gain from Monday. The rise follows Bitcoin (BTC) staking on Starknet, announced on September 30. This move shows growing network activity and investor interest. Technical data and derivatives indicate strong buying pressure and positive sentiment.
Bitcoin Staking on Starknet Drives Network Growth
Starknet recently added Bitcoin staking to its mainnet. BTC now makes up 25% of the network consensus weight, while STRK holds 75%. Staking rewards account for 25% of STRK emissions. Direct BTC staking is not available, but wrapped BTC tokens like WBTC, LBTC, tBTC, and SolvBTC can be staked. Each has its own reward pool.
- The value of staked wrapped BTC reached $106.34 million as of last Friday, according to Dune data.
- Total Value Locked (TVL) on Starknet rose 3.78% in 24 hours to $220.77 million.
- Decentralized Exchange (DEX) volume stayed above $30 million for two days.
- Stablecoin market cap hit a record $120.45 million.
These numbers show more users trust and use Starknet for trading and DeFi.
Starknet Eyes Key Resistance for Further Gains
STRK price trades above its 200-day Exponential Moving Average (EMA) at $0.1788. The 50-day and 100-day EMAs are close to a bullish crossover, signaling short-term strength. The main resistance is at $0.1976, tested in February and May.
CoinGlass data shows STRK Futures Open Interest hit a record $164.43 million, up from $117.63 million on Monday. This rise suggests traders expect higher prices and are taking long positions.
If STRK closes above $0.1976, the next targets are:
- $0.2266 (1.272 Fibonacci extension)
- $0.2620 (1.618 Fibonacci extension)
The Relative Strength Index (RSI) is 72, indicating bullish momentum but also a risk of reversal near resistance. The MACD shows steady upward momentum, supporting the positive trend.
If the price falls below the 200-day EMA at $0.1788, it could test the 50-day EMA near $0.1364.
