As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of dips and rallies. However, even amidst the current bearish trend, I find myself intrigued by Starknet (STRK). Despite the broader market’s underperformance, STRK has managed to surge nearly 23% since last week, a testament to its resilience and potential.
Despite a continued downturn in the market following weak economic reports, Starknet (STRK) maintains its optimistic outlook, as recent advancements help counteract the market’s apprehension and anxiety. As per CoinGecko, STRK has surged approximately 23% since last week, thereby mitigating a significant portion of the bearish market pressure.
Investor trust in on-chain advancements remains strong, as there’s a significant drive to enhance the Bitcoin infrastructure. Various projects constructed upon Starknet have reached unprecedented levels, boosting STRK‘s positive momentum. At the same time, investors and traders are reaping benefits even amidst the market’s subpar performance.
Protocol Growth Drives Starknet Investor Confidence
Despite the overall crypto market’s downturn, several protocols built on top of Starknet have achieved significant milestones. For instance, Starknet’s money market protocol, zkLend, has joined forces with Chainlink, a well-known decentralized oracle service. This partnership aims to equip the platform with precise and tamper-proof data from the markets.
We’re proud to announce that @zkLend has fully integrated price feeds powered by @Chainlink.
Chainlink offers top-tier oracle solutions to supply price data for assets such as USDC, USDT, BTC, ETH, wrapped stETH, STRK, and DAI within the zkLend platform. This enriches the platform’s safety and reliability by ensuring accurate and real-time information.
— zkLend (@zkLend) September 6, 2024
Through its advanced network, Chainlink will manage several digital assets directly on the blockchain, including USDC, USDT, BTC, ETH, and more. This enhancement not only enhances user experience but also boosts security for zkLend’s operations by utilizing Chainlink’s robust system.
On Starknet, Vesu, a lending platform, made its way onto the list as the value locked within the protocol surpassed $10 million. As reported by DeFiLlama, this recent milestone has propelled the platform to fifth place among all protocols for the current month. Over the course of just one week, Vesu’s TVL increased from $7 million to almost $10 million, resulting in a remarkable 23% growth.
1/ $10M TVL unlocked!
Thanks to our amazing community and builders for making this possible.
— Vesu (@vesuxyz) September 6, 2024
NFTs integrated with Starknet’s blockchain gaming environment are gaining attention with the debut of Realms. The enthusiasm is growing since Realm, a new addition, is compatible with Cartridge.gg’s Controller – a wallet specifically designed for smart contracts. This compatibility will enhance user experience by making it smoother for players using Realms-supported games to trade their assets on its marketplace.
In essence, it’s clear that Starknet’s future expansion looks promising. As per Dune’s data analysis, the number of transactions per week increased by approximately 19%, and the number of active addresses saw a nearly one percent rise within the same time period.
$0.447 Rejects Upward Trajectory, Halting Medium-Term Growth
Presently, STRK‘s standing appears robust, even though the significant barrier at $0.447 has so far thwarted any short to medium-term advancement. It seems likely that the token will find equilibrium within the price range of $0.388 to $0.447 before potentially breaking through this level.
STRK’s RSI persistently climbing suggests a few more days of bullish momentum followed by a return to equilibrium. This could pave the way for a breakout that eventually leads to a fall, bringing STRK back within its current trading range. If this happens, STRK might experience reduced volatility before the bulls try to push 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.
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2024-09-08 01:34