Starknet (STRK) just kicked off its staking program, and the results are impressive. The price jumped by 10% in just one day! This surge has caught the eye of many traders as the token approaches some important resistance levels.

However, not everything looks clear-cut. The technical indicators show a mixed picture. The Relative Strength Index, or RSI, suggests that STRK might be overbought. This means it could face challenges in maintaining its upward momentum.

Currently, the RSI is at 77, up from 48 just two days ago. That’s a significant jump! It indicates that Starknet has entered overbought territory, which often signals a potential price correction.

The RSI measures how fast and how much the price has changed. It ranges from 0 to 100. When it goes above 70, it’s considered overbought. If it drops back down, it might give the price a chance to stabilize and attract new buyers. But if it stays high, like at 77, it could mean that buying pressure has peaked. This might limit any further price increases and could even lead to a sell-off.

Now, let’s look at the Chaikin Money Flow (CMF). Right now, STRK’s CMF is at 0.06. This shows there’s some positive buying pressure, but it’s not very strong. The CMF combines price and volume data to show whether money is flowing into or out of the asset. It ranges from -1 to +1. A value above 0 indicates buying pressure, while below 0 indicates selling pressure.

A reading closer to +1 suggests strong buying interest, while one closer to -1 indicates significant selling. With STRK’s CMF at 0.06, there’s some support from buyers, but it’s not overwhelmingly positive.

For STRK to keep rising or to see significant gains, we typically need stronger buying pressure. A CMF of 0.06 shows some demand, but it might not be enough to drive a breakout or prevent a drop if selling pressure increases.

Looking ahead, STRK faces strong resistance at $0.51 and $0.59. Many addresses hold tokens at these higher prices, which could lead to selling pressure.

If STRK breaks through these resistance levels, it might move up to the next major resistance at $0.91. Here, fewer addresses hold coins, allowing for a quicker price rise if buying pressure continues.

The Global In/Out of the Money metric helps us understand how addresses are holding STRK at different profit levels. Addresses that are “In the Money” (holding STRK at a profit) are likely to take profits when prices rise, adding to the resistance at key levels. On the flip side, addresses that are “Out of the Money” (holding STRK at a loss) might sell to minimize losses, increasing selling pressure.

On the downside, the support zone between $0.41 and $0.45 is relatively weak. This means it could be tested soon. If buyers don’t step in to support the price in this area, STRK might drop further, possibly down to $0.38. This level has a stronger concentration of holders, which could provide more reliable support and stability if the price retreats.