Amid the minor uptick in trading activity in the general cryptocurrency market in the past 24 hours, the Layer 2 (L2) ecosystem has witnessed some growth. The market capitalization of all crypto assets in that category has risen by 1.42% during that period.

Starknet (STRK) and Manta Network (MANTA) are some of the L2 assets that have recorded the most gains in the past 24 hours.

Starknet (STRK) Sees Resurgence in Trading Volume in the Past 24 Hours

Starknet (STRK) trades at $0.60 at press time. The altcoin’s price has risen by 9% in the past 24 hours. 

The price hike is accompanied by a surge in daily trading volume. At $75 million as of this writing, the altcoin’s daily trading volume has risen by 30% during the period considered.

When an asset’s price rises alongside its trading volume, it strongly confirms the uptrend. This indicates that more buyers are entering the market, and the increased buying activity in the market is pushing the price up due to the higher demand for the asset.

STRK’s price movements, as assessed on a four-hour chart, reveal that the altcoin’s price has broken above the upper line of its descending channel, which has formed resistance since June 17.

A descending channel is a bearish signal. This pattern is formed when an asset’s price consistently moves lower, creating a series of lower highs and lower lows. 

When an asset’s price crosses the upper line of a descending channel, it suggests that buying pressure is overcoming selling pressure. This marks the first time STRK’s price will rally above this upper line in over a month.

If it continues to trade above this level, it may rally to $0.61.

Manta Network (MANTA) Sees Uptick in Derivatives Market Trading Activity

The value of MANTA, the native token that powers Manta Network, has risen by almost 7% in the past 24 hours. It ranks as the third L2 token with the most gains during that period. 

The uptick in the token’s price has led to a rally in activity in its derivatives market. During the period under review, trading volume across MANTA’s derivatives market has risen by over 30%. In the past 24 hours, this has totaled $87 million. 

Further, for the first time since June 4, MANTA’s funding rate across cryptocurrency exchanges is positive. As of this writing, this is 0.56%.

Funding rates are a mechanism in perpetual futures contracts that ensures the contract price stays close to the spot price. 

If an asset’s contract price is higher than its spot price, traders who hold long positions pay a fee to traders shorting the asset. Funding rates return positive values when this happens. 

Conversely, if the contract price is lower than the spot price, short traders pay a fee to traders holding long positions, resulting in negative funding rates.

When an asset’s funding rate is positive like this, it means there is more demand for long positions. It signals that more traders are buying the asset in anticipation of a rally than traders are accumulating with the expectation of selling at a lower price. 

If MANTA maintains its uptrend and the demand for long positions continues to surge, its value may rise to $0.89.

However, if a decline ensues due to a spike in profit-taking activity, the token’s price can drop to $0.86.

Decentralized Physical Infrastructure Networks (DePin) are transforming the tech by enabling decentralized projects in real-world infrastructure.

Here’s what happened recently in the DePin sector: Nuklai collaborated with Filecoin to archive global data, Opentensor Foundation shared its post-hack plans, and Silencio celebrated 5 million check-ins.

Nuklai Collaborates with Filecoin

Nuklai, a collaborative infrastructure provider for data ecosystems, has teamed up with Filecoin Foundation to archive the world’s data and improve AI with detailed data understanding. The first step in this partnership is to connect with Filecoin’s decentralized network using Lighthouse Storage’s solution for better data storage.

Whether it’s the actual data or information about the data, Nuklai’s goal is to store it efficiently. The project aims to do this transparently and in a decentralized manner using Filecoin’s network.

“We’re excited to collaborate with the Filecoin Foundation to bring Nuklai one step closer to building the world’s ontology through an accessible and traceable storage and archiving solution,’’ said Nuklai product lead Daniel van der Woude.

Read more: The Economics of Decentralized Storage Protocols

Data is usually stored on big cloud providers like AWS, Google Cloud, or Alibaba Cloud. To make data easier to access, Nuklai has a simple method. They explain and decentralize the data’s details in its metadata, making sure we understand the data, where it comes from, and what it contains. This helps create a clear picture of the data.

They also standardize the data to make it more efficient and compatible, speeding up innovation and helping train AI models. Once the data is clear and standardized, Nuklai stores it using Filecoin’s network, making it accessible.

Bittensor Explains the Recent Hack

On July 2, a security exploit led to Bittensor users losing 32,000 TAO tokens worth about $8 million due to a leaked private key. This incident caused TAO’s price to drop by 15%, reaching a six-month low.

The attack was caused by a fake package in version 6.12.2 of the PyPi Package Manager, which compromised user security. This package pretended to be a real Bittensor package but had code that stole unencrypted cold key details. When users downloaded this package and decrypted their cold keys, the information was sent to a remote server. This server was controlled by the attacker.

Despite the severity of the attack, some validators, like RoundTable 21, confirmed their delegators’ funds were safe. However, stopping the chain has sparked debate within the community about Bittensor’s decentralization. Critics say pausing the chain goes against decentralized AI network principles, while supporters believe it was necessary to protect users’ assets.

Read more: Crypto Project Security: A Guide to Early Threat Detection

Opentensor Foundation plans to gradually restart the Bittensor blockchain safely and responsibly, with regular updates to the community. In the future, Bittensor will enhance package verification, increase security audits, adopt best practices in public security, and improve monitoring of package uploads and downloads.

Silencio Reaches 5 Million Check-Ins

Silencio is a decentralized app that lets users make money from their phones by sharing local noise data, helping to fight noise pollution. The app relies on a community-powered network and is built on the PEAQ blockchain, which ensures data accuracy.

In the Silencio app, users tap the measurement button to start recording noise with their phone’s microphone. They can also earn rewards by checking into locations like cafes or offices. These check-ins help gather information on noise levels in different areas.

Today, the app’s team announced they have reached 5 million check-ins, marking an increasing user interest along with hopes for a possible NOISE airdrop.

“It’s roughly 7 months ago that we introduced the Check-In Feature! And the Silencians love it! Just this weekend, we breached through 5 Million Check-ins equalling out to ca. 23k Check-Ins being made per day!” the team stated. 

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

These developments indicate a promising future for DePIN, with more prominent players entering the sector and new solutions emerging. While DePIN is still in its early stages and has some flaws, it allows for the exchange of tokens between synthetic and real-world assets. This supports traditional infrastructure by providing last-mile coverage in areas where conventional models are not economically feasible.

Render’s (RNDR) price slipped below its downtrend, signaling losses are continuing to rise on the network.

However, this still has not put fear in some investors whose conviction could help the recovery.

Render Investors Exhibit Mixed Signals

Render’s price has noted a considerable drawdown over the past month. During this time, investors lost a huge chunk of their money, and many even receded. The overall Artificial Intelligence (AI) space witnessed bearishness impacting other similar tokens as well. Speaking to the same, Akshay Nassa – Founder of Chimp Exchange, exclusively told BeInCrypto,

“For crypto markets, it’s been a volatile week. AI tokens such as FET, with a market cap of $2.98B, RNDR with a market cap of $2.53B, and GRT, with a market cap of $1.75B, witnessed a substantial decline.Despite the volatile nature of AI tokens in the crypto market, their value propositions are compelling.”

Render’s Chaikin Money Flow (CMF) shows this well, as it has been stuck in a downtrend for the last two months. Currently, it is below the zero line, indicating significant outflows. This typically signifies an increase in selling pressure.

Despite this bearish signal, another key metric tells a different story. Render’s Mean Coin Age continues to show an uptick. This metric measures the average age of coins in the network, indicating how long coins have been held.

An increasing Mean Coin Age suggests that most investors hold onto their coins, showing strong conviction. This behavior contrasts with the selling pressure indicated by the CMF.

Read More: How To Buy Render Token (RENDER) and Everything You Need To Know

The combination of these factors could lead to potential consolidation in Render’s price. While selling pressure is present, the continued holding by long-term investors suggests that a significant price drop may be avoided.

RNDR Price Prediction: Breaking Another Resistance

Render’s price has noted a 40% decline in the last couple of days, invalidating multiple support levels. The altcoin has dropped from $11 to $6.7 in a month, stabilizing above the $6.3 support line.

The mixed signals coming from the investors, however, suggest consolidation above $6.8 and under $8.0. This range has been tested before, and the same could occur again since the market is still volatile.

Read More: Render Token (RNDR) Price Prediction 2024/2025/2030

However, if the upper limit of $8.0 is breached, the Render’s price could rally to $9.0 or more. This would invalidate the bearish-neutral thesis to push the altcoin toward recovery.