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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Stacks (STX) Rises 74% In Last Week, Is $1 Possible?

Kent Tenix
Kent Tenix
1 year ago
3 mins read
stacks

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The past few days saw excitement among market participants as many cryptocurrencies soared to new highs amid improving sentiments. Stacks (STX) was among the tokens that stood out even when the market appeared gloomy and once again, the bulls achieved an incredible feat in the last 24 hours, pushing the price to a new 60-day high. 

Stacks (STX) demonstrated a significantly bullish momentum in seven days, going from $0.5501 to $0.8743, the highest price attained in the last 60 days. With this impressive price movement, a $1 milestone seems imminent.

Stacks Defends Its Price Momentum

According to CoinMarketCap data, STX has recorded a remarkable price increase of 72.66% in the last seven days, positioning it as the highest gainer on the weekly chart. The token maintains the bullish momentum at the time of writing, with a 24-hour price increase of 12.23%, leaving the current value at $0.8406.

Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000

With this bullish price movement, Stacks’ market cap has increased significantly by 13.45% to $1.172 billion. Stacks also witnessed a massive boost in trading volume in the last seven days. The trading volume went from $32.19 million on June 18 to $450 million on June 21, a nearly 1300% increase. 

The massive increase in trading volume demonstrates a surge in investor demand and buying pressure, reflecting the positive sentiment in Stacks markets. Though the volume seems to stall over the past 24 hours, the token still sustains its momentum, reaching over $351 million. 

STXUSD price chart
STX’s price currently stands at $0.8406 in the daily chart. | Source: STXUSD price chart from TradingView.com

What’s Influencing Stacks’ Price Moves

Stacks is a Bitcoin blockchain layer that enables developers to deploy smart contracts, NFTs, DeFi, and dApps on the Bitcoin network. Simply put, Stacks brings DeFi to Bitcoin, unlocking billions in capital and setting the pace to activate a Bitcoin economy.

STX, being Stacks’ native token, has been soaring recently due to the increased demand for Ordinals NFTs on the Bitcoin blockchain. Dune analytics data shows that Ordinals’ daily inscription spending has increased from $29 million in May to $48 million in June. 

This increased network activity is significantly pushing the STX token price higher. Moreover, Bitcoin’s increasing market sentiment following news of BlackRock’s spot BTC ETF application must have robbed off on STX.

Another factor behind STX’s price action is the increased investor sentiment due to the regulatory approval by the US SEC. Stacks recently became the first SEC-certified token offering in the United States. The legitimacy contributed to boosting STX’s price by attracting investors’ interest.

Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi

The broader crypto market performance has also contributed to boosting STX price. The global crypto market cap has increased by 3.23%, with most coins adding massive gains in the last day.

STX Price Outlook

Notably, STX has bounced off all Moving Averages, a strong bullish indicator for more price uptick. STX’s primary support and resistance levels are $0.74054 and $0.8840, respectively. The token has already conquered the $0.8 resistance and turned it into a support level, indicating higher upticks as the bulls mount pressure to break the resistance level at $0.8840.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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