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Layer-2 (L2) token STRK is todayās top gainer, soaring over 20% in the past 24 hours. This rally comes amid a surge in network activity and liquidity on Starknet, following the networkās launch of Bitcoin staking on its mainnet on September 30.
With this uptick in on-chain participation driving renewed demand for STRK, the altcoin could be poised for further upside in the near term.
Last week, Starknet, in partnership with LayerZero, an advanced omni-chain interoperability platform, rolled out Bitcoin staking on its mainnet. The integration allows BTC to participate in network consensus, where the STRK token holds a 75% majority weight while BTC contributes 25%.Ā
While users cannot stake BTC directly on the L2, Starknet supports wrapped BTC variants such as WBTC, LBTC, tBTC, and SolvBTC, each featuring a reward pool.Ā
This development has triggered a surge in user engagement and liquidity across the network. For example, the networkās decentralized finance (DeFi) total value locked (TVL) sits at $221.04 million, up 37% since September 30, when Bitcoin staking went live on the protocol.Ā
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariyaās Daily Crypto NewsletterĀ here.
Starknet TVL. Source: DefiLlama
The spike in TVL signals a clear increase in on-chain activity, as users lock more assets to participate on Starknet.
Furthermore, stablecoin liquidity on the L2 has risen by 13% in the past week, confirming sustained liquidity inflows into the chain. Per DefiLlama data, this stands at an all-time high of $118 million, up 11% since September 30.
Starknet Stablecoin Market Cap. Source: DefiLlama
Stablecoins often serve as a proxy for on-chain liquidity and user participation. Therefore, their recent uptick on Starknet since Bitcoin staking went live suggests that investors are moving funds onto the network in anticipation of higher yields and greater utility.
This combination of heightened liquidity and growing user participation has strengthened bullish sentiment around STRK. The token trades above its Super Trend indicator on the daily chart, confirming the buy-side pressure among spot market participants.Ā
At press time, this indicator forms dynamic resistance below STRK at $0.1408.
This indicator tracks the direction and strength of an assetās price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.
When an assetās price trades above its Super Trend indicator, buying pressure dominates the market. If this trend holds, it could drive STRKās price above $0.1987 and towards $0.23
STRK Price Analysis. Source: TradingView
However, a resurgence in profit-taking could invalidate this bullish outlook. In that scenario, the tokenās price could fall to $0.1012.
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