Starknet (STRK) remains under pressure, but signs of stabilization are beginning to emerge. Despite releasing 127.6 million tokens into circulation in its next unlock, the project is pushing forward with adoption efforts, including enabling STRK payments in 15,000 shops worldwide.
Technically, the RSI is in neutral territory, and the CMF is showing reduced selling pressure, hinting at a potential shift in momentum. However, the EMA lines still reflect a downtrend, keeping the outlook cautious for now.
Starknet RSI Is Still Neutral
Starknet was one of the most anticipated token unlocks of the third week of April, releasing 127.6 million STRK tokens worth approximately $15.71 million into circulation.
Despite this major supply event, the project is trying to build long-term utility.
Recently, it announced that STRK can now be used for payments in 15,000 shops worldwide—a move aimed at boosting adoption and real-world use cases.
From a technical perspective, STRK’s RSI is currently at 42.92, recovering from 37.29 yesterday but slightly down from 44.76 earlier today.
The Relative Strength Index (RSI) measures momentum on a scale from 0 to 100, with readings above 70 typically indicating overbought conditions and below 30 signaling oversold territory.
An RSI around 43 suggests neutral-to-bearish momentum, with sellers still maintaining some control. If RSI continues to climb, it could signal a shift toward a recovery, but for now, STRK remains in a cautious zone.
The CMF is a volume-based indicator that measures the flow of money into or out of an asset over time. It ranges from -1 to +1, with values above 0 indicating buying (accumulation) and below 0 indicating selling (distribution).
Although still in negative territory, the rise toward the neutral line suggests that bearish momentum is weakening. A CMF reading of -0.10 points to moderate outflows, but the upward shift could hint at growing interest from buyers.
If this trend continues and CMF crosses into positive territory, it may support a short-term recovery in STRK’s price.
Will Starknet Fall Below $0.11?
Starknet’s EMA lines continue to reflect a downtrend, with short-term averages positioned below long-term ones—a classic bearish setup.
If this pattern holds and selling pressure increases, STRK could decline further to test the support level near $0.109.
A recent Cambridge report confirms that the United States now leads global Bitcoin mining, prompting questions about how China will respond. Though the country has long held an anti-crypto stance, Chinese mining pools have historically controlled a substantial portion of the global Bitcoin hashrate.
The US’s current competitive edge and renewed hostility over trade policy might motivate China to recapitulate. BeInCrypto spoke with representatives from The Coin Bureau and Wanchain to understand what might encourage China to change its stance toward digital assets.
US Overtakes China as Top Bitcoin Mining Hub
The US has firmly established itself as the world’s largest Bitcoin mining hub. A recent Cambridge Centre for Alternative Finance (CCAF) report revealed that the US accounts for 75.4% of the reported hashrate.
Global distribution of Bitcoin mining activity. Source: CCAF.
This newest development confirms a notable reversal of power over Bitcoin mining dominance. China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.
Yet, the country would later crack down on the industry.
China’s Crypto Crackdown
In 2019, the National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”
Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.
However, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.
Has Bitcoin Mining in China Truly Stopped?
Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.
7/8
Bottom lines: 1. 15%+ hashrate still comes from China
2. If you have 200-500 miners and want to do renewable-energy mining, you’re welcome
3. This is particularly in Inner Mongolia, the Texas of China, which has a lot of wasted renewable power they want to monetize pic.twitter.com/r6QUgmLmjT
“Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially,” Nic Puckrin, Co-founder of the Coin Bureau, told BeInCrypto.
China also has a geographical advantage over the United States, especially regarding technological advancements.
Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.
China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.
Puckrin believes that the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.
“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.
However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.
China’s Nuanced Approach Beyond US Influence
Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.
Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.
“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.
In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.
Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.
That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.
“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.
China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.
Could China’s Conflicting Crypto Policies Signal a Change?
Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or at least soften—its total ban on mining.
A month ago, investment firm VanEck confirmed that China and Russia –two countries particularly burdened by US sanctions– are reportedly settling some of their energy trades using Bitcoin.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
“With the US dollar increasingly being used as a political lever –particularly in tariffed economies– other nations are actively exploring alternatives. Indeed, many countries around the world, including China and Russia, are already using Bitcoin as an alternative for trading in commodities and energy, for example. This trend is only going to accelerate as digital assets become a more prominent part of the global economy,” Puckrin told BeInCrypto.
According to Puckrin’s analysis of these indicators, China’s “shadow crypto economy” is projected to expand this year, which could result in a reassertion of its power. This resurgence would be primarily in response to de-dollarization efforts, rather than a reaction to US dominance in mining.
“We’ll likely see this activity ramping up in the near future, especially as more countries use crypto to bypass dollar-dominated systems,” he concluded.
It will remain crucial to interpret China’s intentions, especially regarding cryptocurrency, by observing its actions rather than relying solely on its official statements.
Solana (SOL) recently attempted to break the $200 mark but failed as investor sentiment shifted. The altcoin, after briefly surpassing this level, has been unable to maintain momentum.
Now, Solana’s price is facing further declines as market conditions weaken and investor behavior changes.
Solana Investors Are Bearish
The Liveliness metric has shown a sharp increase over the past 12 days, reaching a monthly high this week. Liveliness measures the movement of long-term holders (LTHs), and when it spikes, it typically signals selling activity.
This is currently the case with Solana, as many LTHs are selling off their holdings. Given that LTHs significantly influence price action, this selling pressure is contributing to the price decline. The large-scale selling could increase the downward pressure, making it harder for Solana to regain traction in the market.
Solana’s macro momentum is also showing signs of weakness. The number of new addresses has hit a monthly low, with the daily rate of new address creation dropping significantly. In the past 48 hours, Solana saw a decline of 1.4 million new addresses, highlighting a lack of interest from fresh investors.
The declining number of new addresses suggests that Solana is losing its appeal to new investors, which could prolong the current downtrend. As fewer people are willing to invest in the asset, its price is more likely to continue its retreat.
Solana’s price is currently trading at $187, just below the resistance of $188. After its recent failed attempt to hold above $200, the altcoin has struggled to maintain its value. With the LTHs selling off and new investors pulling back, Solana faces a challenging road ahead.
Given the current market conditions, Solana is vulnerable to further price declines. If the selling pressure continues, it could slip below the support of $176, deepening the losses for investors. This would confirm the bearish sentiment surrounding the altcoin.
However, if broader market conditions shift favorably, Solana could potentially bounce back. Should the altcoin reclaim $188 as support, it might target a rise back to $201, giving it another opportunity to attempt holding above the $200 mark.
Bitcoin has posted seven consecutive weeks of gains, pushing its price above $100,000. However, new signals suggest this bullish streak might soon end.
Identifying the precise moment of a price reversal is challenging. However, certain signs may indicate rising risks, particularly for investors who have not established strong positions yet.
Two Signs Indicate Profit-Taking May End the 7-Week Rally
The first notable sign is that wallets with large balances have stopped accumulating and have started distributing their coins.
Glassnode data confirms this trend. In May, the accumulation score for wallets holding over 10,000 BTC dropped from around 0.8 to below 0.5. This shift is visually represented by a change in color from blue to orange.
“The group of wallets holding the most BTC has started distributing,” Thuan Capital stated.
Bitcoin Trend Accumulation Score by Cohort. Source: Glassnode
Additionally, wallets between 1 BTC and 10,000 BTC show weaker accumulation behavior, as seen through gradually fading blue tones. Only wallets with less than 1 BTC are showing a clear shift from distribution to strong accumulation, triggered by Bitcoin reaching a new all-time high.
These data points reflect a profit-taking tendency among large investors. At the same time, smaller retail investors appear driven by FOMO (fear of missing out) as they chase short-term opportunities.
Another warning sign comes from Unspent Transaction Outputs (UTXOs). UTXOs are a technical mechanism that ensures each individual BTC can only be spent once on the blockchain. They also provide a way to evaluate unrealized profit across all unspent BTC.
Bitcoin Euphoria Phase at 99% UTXOs in Profit. Source: CryptoQuant
CryptoQuant data shows that when 99% of UTXOs are in profit, it usually signals a market overheating phase. Historically, such phases often precede price corrections. Whether the correction is short- or long-term, this signal still highlights a growing risk for buyers.
“Right now, it’s hard to say we’re in a euphoric phase. The broader macroeconomic context and the uncertainty surrounding the Trump administration’s policy direction make it difficult for investors to flip fully risk-on. When this 99% signal drops, unrealized profits shrink and can trigger more profit-taking and push latecomers to capitulate and sell at a loss,” analyst Darkfost said.
As of now, Bitcoin’s rally has paused around $108,000. There are no clear signs of a correction yet. BeInCrypto reports a strong wave of Bitcoin accumulation among corporations worldwide. Many experts remain optimistic about Bitcoin’s future price.
“A tidal wave of institutional demand is reshaping bitcoin’s market dynamics: Wealth‐management platforms poised to roll out access to bitcoin ETFs, corporate treasuries adding bitcoin to boost shareholder returns, and sovereigns diversifying reserves into bitcoin to hedge geopolitical risk. Together, these forces are creating a structural supply/demand imbalance—and over the next 18 months, bitcoin is set to cement its role as a global store of value,” Juan Leon, Senior Investment Strategist at Bitwise Asset Management, told BeInCrypto.
Therefore, while these short-term indicators could hint at a pullback from current highs, they don’t seem to affect analysts’ broader expectations for this year and next.