Starknet's STRK Token Tests Key Support at $0.05 After Breakout Rally
Starknet's native token, STRK, is trading near $0.0576, up 8.7% over the past 24 hours, after briefly reaching $0.0607, its highest level since May. The rally follows a breakout above the $0.05 mark over the weekend, which is now a critical support level. STRK had been stuck between $0.041 and $0.044 for over a week before its breakout on October 3. Since then, it has surged nearly 48% in seven days and doubled over the past month, although it remains 62% lower than a year ago.
The next key test for STRK is whether buyers can maintain support at $0.05. If the token holds above this level and breaks through resistance at $0.065, it could reach its highest point since February. However, a decisive drop below $0.05 would weaken the breakout, potentially bringing the price back to the $0.041 consolidation zone. Trading activity has surged, with daily volume near $155 million and a market cap of about $428 million, placing STRK back among the top 100 tokens.
Momentum indicators support the rally. The MACD line on the daily chart sits above its signal line, while the weekly RSI has turned higher after months of bullish divergence. On-chain data suggests accumulation, with a wallet linked to Quanterty buying 17.4 million STRK, worth about $767,000. Spot netflow on October 4 was negative $731,000, indicating more tokens left exchanges than arrived, which often signals buying. Derivatives activity is also rising, with open interest up 4% to $86.5 million and derivatives volume up 76%.
Starknet's network activity shows early signs of demand. The network cleared $50,000 in weekly revenue for the first time, earning $53,676 over seven days. Total value locked stands near $307 million, and privacy-focused DeFi apps on Starknet may be driving some interest. However, STRK itself is not a privacy coin, and app interest alone does not guarantee lasting token demand. With about 7.42 billion of STRK's 10 billion maximum supply in circulation, future unlocks could add selling pressure. The key question remains whether STRK can hold the $0.05 support long enough to challenge the $0.065 resistance.