Starknet (STRK) Rises 23%, Offsets Crypto Market Fear And Doubt

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. 

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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. 

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$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