STX decouples, ‘stacks’ up in value
Journalist
Posted:
- STX has increased by over 9% in the last three days.
- Stacks has seen its highest transaction number at the block height of 132,377.
In recent days, Stacks [STX] has shown encouraging signs; particularly noteworthy is its price movement, which has diverged from the overall market trend.
Stacks see an over 200% volume change
According to CoinMarketCap, Stacks has witnessed significant movements in the last 24 hours.
The data showed a notable 10% increase in market capitalization during this period, primarily driven by a consistent uptrend in its price over the past few days.
However, at the time of writing, there has been a considerable reduction in market capitalization due to increased sell-offs, though it still stands at over $1.5 billion.
Source: Santiment
Despite the decline in market cap, the trading volume has continuously risen. CoinMarketCap’s data, as of press time, showed a remarkable 200% increase in volume.
A more in-depth analysis using Santiment data indicated that the volume was over $308 million at present.
The volume chart further illustrates an eventful month, with the press time volume being the highest in recent days, though not the peak for the entire month.
STX moves 2% clear of the previous price range
Stacks’s daily timeframe price trend reveals a consistent uptrend over the past three days. This marked a positive development for STX as it moved in the opposite direction of the general market trend.
The chart illustrates a notable 9% increase in value during these three days. At press time, Stacks was trading at around $1.08, reflecting a 2% uptick in value. The price wick suggests an ongoing battle between buyers and sellers.
Source: TradingView
Alongside, the Relative Strength Index (RSI) line was over 60. This signaled that STX remained in a strong bullish trend, indicating strength in its upward price movement.
Why Stacks has gathered momentum
According to data derived by AMBCrypto via Stack Explorer, there was a significant surge in transaction activity on the network at block height 132,377.
The Explorer revealed a record-breaking total of 10,371 transactions at this block height, marking the highest transaction count ever witnessed on the network.
How much are 1,10,100 STXs worth today?
Notably, this transaction surge was primarily driven by STX-20 inscription minting activity.
The consequential impact on both the price trend of STX and the associated trade volume underscores the influence of this heightened transactional activity on the overall market dynamics.
