Starknet (STRK) Rises 23%, Offsets Crypto Market Fear And Doubt
September 07 2024 - 6:30PM
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Although the market dips even further after weak macro releases,
Starknet (STRK) remains bullish with developments that offset the
market’s fear, uncertainty, and doubt. According to CoinGecko, STRK
rose nearly 23% since last week, keeping much of the bearish
momentum at bay. Related Reading: Aptos (APT) Dips 15% As New
Innovations Fail To Spark Momentum On-chain developments have held
investor confidence highly, with a major push for improving the
Bitcoin ecosystem. Several protocols built on top of Starknet have
reached new heights, further contributing to STRK’s bullishness. In
the meantime, investors and traders can enjoy gains despite the
market’s underperformance. Protocol Growth Drives Starknet
Investor Confidence Several protocols on top of Starknet reached
new heights despite the market’s bearishness. zkLend, Starknet’s
money-market protocol, has partnered with Chainlink, a
decentralized oracle service, to provide the platform with accurate
and tamper-proof market data. ⚡️️We’re proud to announce that
@zkLend has fully integrated price feeds powered by @Chainlink. 🔗
Chainlink provides industry-leading oracle services to cover prices
of USDC, USDT, BTC, ETH, wstETH, STRK and DAI on zkLend, further
enhancing the protocol’s security and… https://t.co/cLXbxDZKfx
pic.twitter.com/oM6F9iLxj4 — zkLend (@zkLend) September 6, 2024
Chainlink will cover a handful of assets on-chain such as USDC,
USDT, BTC, ETH, and many more. This will significantly improve user
experience as well as security for zkLend’s activities as it
leverages Chainlink’s robust network. Vesu, a lending
platform on Starknet, joined the list as the protocol reached $10
million in total value locked (TVL). According to DeFiLlama, the
protocol is now ranked fifth since the start of the month after it
rose from $7 million to nearly $10 million in a week, representing
a 23% growth. 1/ 🎉 $10M TVL unlocked! 🎉 Thanks to our amazing
community and builders for making this possible. 🤝
pic.twitter.com/DNIRGB2eDz — Vesu (@vesuxyz) September 6, 2024 NFTs
on-chain are also seeing some interest as Realms was released as a
part of Starknet’s blockchain gaming scene. Adding to the
bullishness is the fact that Realm has support for Cartridge.gg’s
Controller, a smart contract wallet dedicated wallet. This support
will help in aiding user experience when players on games supported
by Realms decide to trade their assets on the platform’s
marketplace. Overall, Starknet’s growth in the long term is
guaranteed. According to Dune’s statistics, the weekly transaction
count grew by nearly 19% with active addresses within the same
timeframe expanding by almost a percent. Related Reading:
Cardano Bull Sees ADA Jumping 1,000% In An ‘Insane’ Rally $0.447
Rejects Upward Trajectory, Halting Medium-Term Growth As of
writing, STRK’s position remains favorable despite the crucial
$0.447 resistance rejecting short to medium-term movement. The
token might stabilize within the $0.388-$0.447 trading range before
a breakthrough. STRK’s continued upward relative strength
index (RSI) hints at a few more days of bullishness before
returning to stable levels. This will lead to a breakthrough before
dropping again to its current trading range. If this occurs, STRK
will experience a drop in volatility before the bulls can attempt
to break through again. However, the broader market’s
bearishness has the potential to swing the entire market downwards.
Weak macroeconomic indicators, might still be present in the
long-term, but only to a lesser extent. Featured image from
Medium, chart from TradingView
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