Starknet (STRK) holders are showing strong resilience, refusing to give up despite the token’s tough performance. The upcoming mainnet upgrade offers a glimmer of hope, especially as network activity picks up again.

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The STRK price is currently positioned to potentially break out of a descending triangle, which could push it toward $0.62 if successful. Since its token launch in February, Starknet has faced challenges, leading to only 8% of holders being in profit. Despite this, many holders are choosing to stay invested rather than sell. This on-chain analysis provides further insights into the situation.

Starknet Sees Positive Momentum Ahead of Major Mainnet Upgrade

A few days ago, Starknet announced the successful launch of the Parallel Execution and Block Packing upgrade on its Testnet. This upgrade is designed to reduce gas fees and achieve a two-second block confirmation time, with the Mainnet launch set for August 28.

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Following the Testnet upgrade, data from IntoTheBlock shows a rise in the number of addresses holding STRK tokens over the last 30 days compared to the past year. While the exact reason for this increase is unclear, it suggests that holders remain optimistic about the token’s potential and are unwilling to sell, despite recent downturns.

Starknet Addresses by Time Held. Source: IntoTheBlock

This optimism is noteworthy, considering the controversies Starknet has faced. Early adopters were unhappy with the airdrop distribution in February, and the project saw a decline in user engagement, culminating in the recent resignation of the CEO. However, on-chain data reveals an uptick in network activity, with new addresses—those completing their first successful transaction—increasing by 30.25% over the past week. Active addresses, which measure the number of senders and receivers on the blockchain, also saw a significant rise. If this trend continues, it could signal a bullish outlook for Starknet and its native token, STRK.

Starknet New and Active Addresses. Source: IntoTheBlock

STRK Price Analysis: Potential for Bullish Reversal Amid Market Dynamics

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At the time of writing, Starknet’s token, STRK, is trading at $0.39, making it one of the biggest gainers in the top 100 cryptocurrencies over the last 24 hours. The daily chart shows that STRK formed a descending triangle pattern between June 5 and August 3. A descending triangle is typically a bearish chart pattern characterized by a series of Lower Highs (LH) and a flat support level. STRK initially broke down below this pattern, indicating that the downtrend might continue.

However, STRK now appears poised to break above the descending triangle pattern, signaling a potential shift in momentum. The Money Flow Index (MFI) reading of 16.20 suggests that STRK is in an oversold condition. The MFI, which measures buying and selling volume while also assessing whether a cryptocurrency is overbought or oversold, typically indicates an asset is oversold at readings of 20.00 or below. This oversold condition could lead to a bullish reversal if buying pressure increases, potentially pushing the token’s value towards the overhead resistance at $0.62 in the near term.

StarkNet Daily Analysis. Source: TradingView

Moreover, the anticipated completion of the Parallel Execution and Block Packing upgrade on Starknet’s Mainnet, along with sustained demand, could further drive the price towards $0.94. However, if confidence among holders wanes, selling pressure may increase, potentially causing the price to drop to $0.34.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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