- Galaxy Digital’s 5M STRK transfer to Binance signals potential liquidation risk.
- STRK price declines 3.35%, testing key $0.135 support amid bearish momentum.
- RSI near oversold, while MACD hints at a possible bullish crossover formation.
Galaxy Digital has initiated a significant movement of Starknet (STRK) tokens to Binance, raising concerns about a potential sell-off. After two weeks of accumulating STRK through over-the-counter (OTC) transactions, the firm has now transferred 5 million STRK tokens to the exchange.
This transfer suggests Galaxy Digital may be looking to capitalize on recent market conditions. With the overall crypto market facing bearish pressure, this move could indicate a planned liquidation of assets.
🚨BREAKING:
— CryptoNinjas (@crypto_ninjas) April 3, 2025
After 2 weeks of OTC purchases, @galaxyhq has started moving $STRK tokens to #Binance.
A fresh 5M $STRK has just been transferred directly from Galaxy Digital's OTC wallet to Binance.
With the market looking quite bearish, could this be Galaxy Digital cashing out?… https://t.co/wm0GuuGmJl pic.twitter.com/UnixbIxdFK
Starknet’s Price Trends and Key Levels
Starknet’s price currently sits at $0.1386, reflecting a 3.35% decline over the past 24 hours. Early trading showed a minor upward movement, but the asset has since trended downward.
The price briefly touched a high of $0.147 before experiencing a sharp decline, with the latest lower low forming around $0.135. This pattern suggests that STRK is undergoing short-term bearish momentum.
The current resistance level stands at $0.147, the peak of the most recent bullish movement. Another resistance level exists at $0.1435, which was the initial price at the start of the trading day. If the price attempts to recover, this level may act as a minor barrier.
On the downside, the nearest support is at $0.135, the recent bottom that holds significant short-term importance. Additionally, the $0.138 price level has been tested multiple times and now functions as weak support.
Market Indicators and Sentiment Analysis
Trading volume has surged by 67.27% over the past 24 hours, reaching $46.21 million. This sharp increase in activity suggests heightened market interest. However, given the declining price, the increased volume likely represents intensified selling pressure. Consequently, STRK’s market capitalization has also dropped by 3.35%, aligning with the price decrease.
The Relative Strength Index (RSI) currently stands at 33.82, close to the oversold territory of 30. This metric indicates strong bearish momentum but also signals a potential price rebound or consolidation in the near term.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains in negative territory, with the MACD line at -0.01381 and the signal line at -0.01271. While this confirms bearish sentiment, the narrowing gap between the two lines suggests that a crossover could be imminent. If the MACD crosses above the signal line, it could indicate a shift toward bullish momentum.
