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Although the market falls even further after weak According to macroeconomic releases, Starknet (STRK) remains bullish with new developments offsetting fear, uncertainty and doubts in the market. Gecko CoinSTRK is up nearly 23% since last week, keeping much of the bearish momentum at bay.
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On-chain advancements have kept investor confidence high, with a strong push to improve the bitcoin ecosystem. Several protocols built on Starknet have reached new heights, further contributing to STRK’s bullishness. Meanwhile, investors and traders can enjoy profits despite the market’s poor performance.
Protocol growth boosts Starknet investor confidence
Several protocols on Starknet reached new heights despite market pessimism. zkLend, Starknet's money market protocol, has x.com/zkLend/status/1832084166747500853″ target=”_blank” rel=”nofollow”>associated with Chainlink, a decentralized oracle service, to provide the platform with accurate and tamper-proof market data.
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We are proud to announce that twitter.com/zkLend?ref_src=twsrc%5Etfw” rel=”nofollow”>@zkLend
Chainlink offers industry-leading oracle services to hedge the prices of USDC, USDT, btc, eth, wstETH, STRK, and DAI on zkLend, further enhancing the security of the protocol and… https://t.co/cLXbxDZKfx image.twitter.com/oM6F9iLxj4
– zkLend (@zkLend) twitter.com/zkLend/status/1832084166747500853?ref_src=twsrc%5Etfw” rel=”nofollow”>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 as well as the security of zkLend activities as it leverages Chainlink’s robust network.
Vesu, a lending platform on Starknet, x.com/vesuxyz/status/1832063109395275899″ target=”_blank” rel=”nofollow”>united The list, as the protocol reached $10 million in total value locked (TVL). According to DeFiLlama, The protocol now ranks fifth since the beginning of the month after going from $7 million to almost $10 million in a week, representing a 23% growth.
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1/ $10M TVL unlocked!
Thanks to our amazing community and builders for making this possible. image.twitter.com/DNIRGB2eDz
– Vesu (@vesuxyz) twitter.com/vesuxyz/status/1832063109395275899?ref_src=twsrc%5Etfw” rel=”nofollow”>September 6, 2024
On-chain nfts are also generating some interest, as was Realms. x.com/lordOfAFew/status/1832142123443036566″ target=”_blank” rel=”nofollow”>released as part of Starknet’s blockchain gaming scene. Adding to this optimism is the fact that Realm supports Cartridge.gg’s Controller, a wallet dedicated to smart contracts. This support will help improve the user experience when players of Realm-compatible games decide to trade their assets on the platform’s marketplace.
Overall, Starknet's long-term growth is guaranteed. According to Dune statisticsWeekly transaction count grew by almost 19% and active addresses within the same time period expanded by almost one percent.
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The level of 0.447 dollars rejects the upward trajectory and slows down medium-term growth
At the time of writing, STRK’s position remains in a favorable position despite the crucial resistance at $0.447 rejecting the short-to-medium term move. The token could stabilize within the trading range of $0.388-$0.447 before breaking the record high.
STRK’s Relative Strength Index (RSI) remains on the uptrend, suggesting that there will be a few more days of bullishness before it returns to stable levels. This will lead to a breakout before falling back to its current trading range. If this occurs, STRK will experience a drop in volatility before the bulls can attempt a breakout again.
However, the general market pessimism has the potential to send the entire market reeling lower. Weak macroeconomic indicators could continue to be present in the long term, but only to a lesser extent.
Featured image from Medium, chart from TradingView
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