Starknet's native token STRK experienced a significant price rally, climbing 21.5% in 24 hours and over 80% in the past three weeks, driven by a combination of technical factors and market sentiment. The surge was partly aided by Bitcoin's modest 1.54% bounce, which often benefits altcoins with strong buyer interest.
Technical analysis highlighted the $0.19 region as a key demand zone, which was successfully retested and defended as support after previously acting as resistance. This flip from resistance to support signaled bullish strength, with the 4-hour chart showing a series of higher swing highs and lows in November. The MACD indicator was on the verge of a bullish crossover, indicating upward momentum, though the CMF reading of -0.09 suggested a lack of steady demand.
Fibonacci extension levels pointed to potential bullish targets at $0.2935 (61.8% level) and $0.34 (100% level), with near-term resistance at $0.2466. Analysts like Captain Faibik emphasized the importance of the weekly breakout and retest pattern, noting that the controlled movement indicated a healthier rally rather than a random pump.
On-chain data from Lookonchain revealed that a trader opened a long position worth $6.7 million with 5x leverage at an entry price of $0.14, now sitting on approximately $2.5 million in profit. Additional analysis by BTCL2Sync showed accumulation activity between $0.18 and $0.20, with open interest around $183 million and funding rates leaning neutral to slightly bullish, supporting the sustained uptrend.
