Starknet, an Ethereum layer 2 scaling solution, has risen more than 11% in value over the past day.
According to price data from crypto.news, Starknet (STRK) is trading at $0.438 at the time of writing. The altcoin reached an intraday high of $0.444. This is 28% higher than its weekly low, indicating strong bullish momentum, while the broader altcoin market is in a downtrend.
This bullish activity is also supported by the growth of the ecosystem, with Starknet’s total value locked (TVL) rising to $239.41 million – A massive increase of about 549% compared to the $36.91 million recorded at the beginning of the year, according to DeFiLlama.
This increase in TVL reflects the growing confidence in the platform, contributing to the sustainable gains that STRK is making.
One of the main catalysts behind STRK’s recent surge was Ethereum co-founder Vitalik Buterin. unlock The value of STRK tokens reached $470,000, sparking increased interest and trading activity that drove up the token’s price and market cap.
The momentum was further enhanced by the completion of Starknet Bolt Upgrade On August 28, a new network update was released, improving network speed and reducing costs by enabling parallel execution and block filling.
The renewed optimism has led to a 140% increase in trading volume in 24 hours, adding further bullish momentum to STRK stock.
Analysts are looking at the $0.45 resistance level.
On X, cryptocurrency analyst Falcao Spotlight $STRK appears to be preparing for a major upside move, with a key horizontal resistance area around $0.45.
A break above this level, coupled with higher trading volume and stronger momentum, is expected to spark a significant price surge.
Similarly, cryptocurrency analyst CryptoJack Proposed STRK is expected to approach a crucial resistance level at $0.45.
If the token manages to break through this level, it may break out of the current range bound pattern and target the next target at around $0.60.
Both analysts see the $0.45 level as a pivotal point for STRK, with a breakout likely to pave the way for significant gains.
Starknet has room to grow.
On the 1D STRK/USDT chart, the symbol’s RSI has risen to 60, confirming that the symbol is in an uptrend but still has room to grow before reaching overbought conditions.
The Moving Average Convergence Divergence (MACD) indicator also supports the bullish outlook, showing that STRK is trading above the neutral line. Notably, the blue MACD line has started to cross above the orange signal line, indicating that the bullish momentum is gaining strength.
With STRK approaching the resistance level at $0.45 — a level where it has faced repeated selling pressure — a breakout could signal a strong upward move. If it can clear this hurdle, a bullish reversal could be confirmed, potentially targeting the next resistance near $0.60.