The Starlink Token (STARL) has exploded higher over the past week, with gains topping 380% at its peak. It has also seen over 60% rise today. However, according to crypto analyst GemX Trading, there are indicators pointing to even more upside for STARL ahead.
What you'll learn 👉
Ongoing Buying Interest
Despite pulling back slightly from its recent highs, GemX notes that trading volume for STARL remains elevated. This signals significant ongoing buying interest in the token that could propel prices higher.
As GemX states: “The volume profile remains on an upward trajectory, signaling ongoing buying interest.” Sustained demand is a bullish indicator that the STARL surge still has room to run.
Diminishing Selling Pressure
In addition to sustained buying activity, selling pressure on STARL appears to be diminishing according to GemX. Concerns seem to be easing even after the parabolic gains.
With anxiety fading in the market, STARL is primed for further breakouts. Less selling pressure paves the way for prices to keep rising.
Strong Fundamentals
Underpinning the bullish technical indicators is Starlink’s promising fundamentals. The project has an ambitious goal of delivering global satellite internet, and it has the backing of SpaceX’s expertise.
This unique affiliation and real-world utility give Starlink credentials that make STARL compelling. As GemX notes, the fundamentals provide a “strong foundation for potential growth.”
With technicals and fundamentals aligned, analysts like GemX see room for STARL to continue surging ahead from its recent pump. Sustained buying demand and solid project attributes could spur the token on to new highs.
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