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April 20, 2024
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Stacks (STX) Price Approaches Major Macro Resistance at ATH; Is It Time to Exit?

The post Stacks (STX) Price Approaches Major Macro Resistance at ATH; Is It Time to Exit? appeared first on Coinpedia Fintech News

Stacks (STX), a fast-growing Bitcoin layer for smart contracts with more than $85 million in Total Value Locked (TVL), has registered notable gains in recent months. As Bitcoin (BTC) price aims for a new all-time high (ATH) against the US dollar, STX price has enjoyed significant bullish momentum.

According to the latest market data, the STX token has rallied more than 750 percent in the past year to trade around $2.69 on Thursday. The mid-cap altcoin, with a fully diluted valuation of about $4.8 billion and a daily volume of around $344 million, has attracted notable attention as the Stacks network has over $15 million in sBTC running on different web3 protocols.

Why Bet on Stacks Network 

The Bitcoin network is the most prominent blockchain, with more than $1 trillion in market capitalization. However, the Bitcoin network has lagged in the development of smart contracts and adoption of web3 protocols compared to Ethereum (ETH), Solana (SOL), and Cardano (ADA).

As a result, the Stacks network has played a crucial role in onboarding web3 platforms on the Bitcoin network. With Bitcoin being the most popular among institutional investors, the future growth prospects of the Stacks network are undeniably high.

What Next for STX Price Action

With an 83 percent gain in the past two weeks, STX’s price reached a significant milestone around its prior ATH, $2.69. According to a famous crypto analyst on the X platform, Altcoin Sherpa, STX’s price is poised to break its ATH in the coming months. However, the crypto analyst highlighted that a possible pullback could occur before the inevitable breakout.

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