Starknet price struggles to hold support ahead of $16M unlock
Starknet price is under selling pressure ahead of a major token unlock.
Summary
- Starknet has dropped 30% this week ahead of $16M token unlock.
- Derivatives activity declines, showing weaker market momentum.
- Unlock may add further selling pressure as circulating supply increases.
Trading at $0.127 as of press time, the token has lost 30% in the last week and 4.3% in the last day. Trading volume fell sharply to $72.1 million, a 29% daily drop, showing reduced market activity.
According to CoinGlass data, derivatives metrics also weakened. Starknet (STRK) futures volume is down 23% to $154.5 million, while open interest has slipped 11.6% to $56.5 million. This suggests that traders are closing positions rather than adding new ones.
STRK token unlock adds downside risk
Starknet faces a potential wave of selling pressure as 120 million STRK tokens, worth around $16.15 million, are set to be unlocked. The event, as per Tokenomist data, will release roughly 5.6% of the circulating supply into the market. So far, only 22% of the total 10 billion STRK tokens have been unlocked.
Token unlocks can weigh heavily on price, particularly when market sentiment is already weak. The token currently has a market capitalization of $549.9 million and a fully diluted valuation of $1.26 billion.
Unless new liquidity or strong demand enters the ecosystem, traders expect short-term pressure to persist as recipients of the unlocked tokens take profit or rebalance their portfolios.
Starknet price technical analysis
On the charts, Starknet continues to show signs of weakness. At 45.3, the relative strength index shows neutral momentum and no clear signs of a reversal. MACD and momentum indicators are negative, pointing to a continuation of the bearish trend, while the average directional index at 33.4 indicates moderate selling strength.
The bearish setup is strengthened by the majority of short- and medium-term moving averages, ranging from the 10-day to the 200-day, which are sitting above the current price. Support is at $0.10, and the 200-day EMA, which is close to $0.175, is still a significant resistance zone.
A sustained break below this level could push the token toward new local lows, while a bounce above $0.15 would be the first sign that buyers are attempting to regain control.
