Stargate Finance (STG) Token Signals Bullish Market Ahead of 2024 Halving

As the Donald Trump administration settles down for a thrilling task ahead of making America great again, the altcoin market has gradually gained bullish momentum.

With the Donald Trump administration gearing up for the exciting task of making America great again, the altcoin market has gradually witnessed a bullish momentum. Under the Trump administration, the cryptocurrency industry has largely been legalized, with specific focus on memecoins and DeFi tokens.

On the other hand, the previous Joe Biden administration recognized Bitcoin (BTC) and Ethereum (ETH) as commodities, while classifying the remaining digital assets as securities. This move has seen more investors, led by institutional investors, preparing to fully embrace the cryptocurrency industry in the near term as a hedge against inflation.

Top DeFi Token to Watch Out For

Following the sustained Bitcoin price close above $100k recently, the Stargate Finance (STG) token has signaled the beginning of its macro bullish sentiment. The small-cap altcoin, with a fully diluted valuation of about $378 million and a 24-hour average trading volume, surged over 13 percent to trade around $0.378 on Wednesday during the mid-London session.

From a technical analysis perspective, STG price, on the daily time frame, has consistently closed above the 50 Moving Average (MA) in the last few months, potentially indicating that the buyers are in control.

Since November 2024, STG price has formed a rising trend, characterized by higher highs and higher lows. In the long haul, if the STG token manages to consistently close above 55 cents, the next phase of the macro bull run will be confirmed.

Bullish Factors in Stargate Finance

Stargate Finance has grown to a major omni-protocol, with over $436 million in total value locked (TVL). The highly liquid STG token, with over 38k on-chain holders, has gained massive utility through the Stargate Farm program, where liquidity providers get rewarded.

The Stargate Finance protocol has gained significant utility as Ethereum’s layer two scaling solutions attract more mainstream users. Additionally, the Stargate Finance platform allows users to easily transfer assets between different chains securely for a small fee.