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Although the market drops even further afterwards weak After macro releases, Starknet (STRK) remains optimistic with developments that offset the fear, uncertainty and doubt in the market. According to Coin geckoSTRK is up nearly 23% since last week, keeping much of the bearish momentum at bay.
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Developments in the chain have kept investor confidence high, with a major push towards 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 profits despite the market’s underperformance.
Protocol growth boosts Starknet investor confidence
Several protocols on top of Starknet reached new highs despite the bearish market. zkLend, Starknet’s money market protocol, has done just that partnered with Chainlink, a decentralized oracle service, to provide the platform with accurate and tamper-proof market data.
⚡️We are proud to announce this @zkLend has fully integrated price feeds, powered by @Chainlink.
🔗 Chainlink provides industry-leading oracle services to cover the prices of USDC, USDT, BTC, ETH, wstETH, STRK, and DAI on zkLend, further improving the security of the protocol and… https://t.co/cLXbxDZKfx pic.twitter.com/oM6F9iLxj4
— zkLend (@zkLend) September 6, 2024
Chainlink will cover a handful of on-chain assets such as USDC, USDT, BTC, ETH and many more. This will significantly improve the user experience and the security of zkLend’s operations as it leverages Chainlink’s robust network.
Vesu, a lending platform on Starknet, connected the list when the protocol reached a total value of $10 million (TVL). According to DeFiLlama, The Protocol is now in fifth place since the beginning of the month, after rising from $7 million to almost $10 million in a week, representing a growth of 23%.
1/ 🎉 $10 Million TVL Unlocked! 🎉
Thanks to our amazing community and builders who made this possible. 🤝 pic.twitter.com/DNIRGB2eDz
— Vesu (@vesuxyz) September 6, 2024
On-chain NFTs are also seeing some interest, as are Realms issued as part of Starknet’s blockchain gaming scene. Adding to the bullishness is the fact that Realm offers support for Cartridge.gg’s Controller, a dedicated smart contract wallet. This support will help improve the user experience when players of games supported by Realms decide to trade their assets on the platform’s marketplace.
Overall, Starknet’s long-term growth is guaranteed. According to Dune statisticsthe number of weekly transactions grew by almost 19%, with active addresses increasing by almost one percent within the same time frame.
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$0.447 rejects an upward trajectory and halts medium-term growth
At the time of writing, STRK’s position remains favorable despite crucial resistance at $0.447 that rejects short-to-medium term movement. The token could stabilize within the trading range of $0.388-$0.447 before a breakout.
STRK’s continued upward relative strength index (RSI) signals a few more days of bullishness before returning to steady levels. This will lead to a breakout before the price drops back to the current trading range. If this happens, STRK will experience a drop in volatility before the bulls can try to break through again.
However, the bearishness of the broader market has the potential to move the entire market lower. Weak macroeconomic indicators may still be present in the long term, but only to a lesser extent.
Featured image from Medium, chart from TradingView