Cryptocurrency prices are notoriously volatile, with huge price swings being common in both directions. Recently, two crypto tokens – Starknet’s STRK and Filecoin’s FIL – have seen their prices pumping significantly higher. This article will explore some of the potential reasons behind these latest price surges.
Starknet Airdrop and Trading Hype Driving Price
Tradingview analyst, P_S_trade shared insights into the recent price surge for Starknet’s STRK token:
“Recently, the long-awaited Starknet airdrop took place. The last time there was such a hype around the project was probably during the Arbitrum airdrop…We don’t have any STRK coins and don’t plan to buy them in large quantities right now. However, exchanges are now holding trading contests around STRKUSDT and you and we can earn money by fulfilling simple conditions for a small amount.”
P_S_trade believes these trading contests are providing liquidity for STRK and reducing volatility. At the same time, some users are selling newly acquired tokens from the airdrop. P_S_trade identified possible resistance and support levels for STRK: Selling zone – $2.50-$2.80 and Buying zone – $1-$1.15
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Show more +Technicals Suggest Further Upside for Filecoin
Twitter user CryptoFaibik sees bullish signals in Filecoin’s price chart:
“$FIL Bulls are back in the Town..!! just Broke the Crucial Resistance on the 3-day timeframe. An epic Bullish Rally incoming..”
Meanwhile, slothquant highlights how much additional upside FIL would need just to match previous all-time highs:
“$FIL current market cap is ~ 2.7x away from matching its all-time high (11.4b) $FIL current price is ~ 21.6x away from matching its all-time high ($176)”
Slothquant notes ongoing token unlocks have diluted per-token value. HouseOfCrypto sees promise for even greater gains:
“$FIL’s run has yet to start. Show me a chart that looks more promising than $FIL’s 22X Just to ATH. @Filecoin will melt faces when the true bull run starts…”
Conclusion
The recent price pumps for both Starknet and Filecoin seem to be driven by a combination of factors – hype cycles, technical indicators pointing to further upside, and growing fundamentals. However, risks remain, including potential selling pressure from token unlocks. It remains to be seen if these rallies have true staying power or are just short-term spikes. The volatility of crypto markets means reversals can happen as fast as the pumps.
You may also be interested in:
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- DeFi Whale Activity Fuels Spell Token’s Price Explosion: Expert Points To More Upside – Here is His Outlook
- DeeStream (DST)’s Potential Could Take on Pyth Network (PYTH) and Cardano (ADA) in Battle for Chart Supremacy
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