Storj Price Update

Storj price is extending its gains on Tuesday after rallying 5% the previous day.
On-chain metrics paint a bullish picture as STORJ’s open interest and daily trading volume are rising.
A daily candlestick close below $0.33 would invalidate the bullish thesis.

Storj (STORJ), an open-source platform that leverages blockchain for end-to-end encrypted cloud storage, is trading higher by 4.4% around $0.39 on Tuesday following a 5% rally the previous day. On-chain metrics support the rally as STORJ’s open interest and daily trading volume increase. The technical outlook suggests a continued rally, potentially targeting double-digit gains ahead.

Storj Price Action Suggests Rally Continuation

The price of Storj operates within a descending trendline formed by connecting multiple highs since early December. On Monday, STORJ faced rejection from this trendline after reaching a high of $0.47 following a 5% gain. As of Tuesday, the price continues to trade 4.4% higher around $0.39.

If the upward momentum persists, Storj could extend the rally by 18% to retest its weekly resistance at $0.46. A successful close above this level could lead to an additional gain of 35%, reaching its January 6 high of $0.62.

The Relative Strength Index (RSI) on the daily chart reads 53, indicating bullish momentum above the neutral level of 50. The Moving Average Convergence Divergence (MACD) also provided a bullish crossover last week, signaling further buy opportunities.

STORJ/USDT daily chart

STORJ’s Open Interest (OI) further enhances the bullish outlook. Coinglass data indicates that the futures OI in Storj surged from $13.32 million on Sunday to $43.70 million on Tuesday, marking the highest level since October 22, 2024. An increasing OI signals fresh capital entering the market, suggesting a likely continued rally in STORJ’s price.

STORJ open interest chart. Source: Coinglass

Furthermore, recent trader interest and liquidity in the STORJ network have increased significantly. According to Santiment, trading volume jumped from $10.52 million on Saturday to $387.48 million on Tuesday, the highest volume since mid-October.

Storj Volume chart. Source: Santiment

However, if a daily candlestick closes below $0.33, the bullish thesis will be invalidated, which could initiate a downward movement to retest the February 3 low of $0.25.