Can STX Price Reach New All-Time High? | Credit: Hameem Sarwar
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Key Takeaways
STX, ELA and SAVM have all outperformed Bitcoin since the halving.
Stacks began the rollout of the Nakamoto upgrade on April 22.
After a 35% bounce, is the STX price correction finally over?
Stacks announced its biggest upgrade yet, Nakamoto, on April 15. Then, it began the Nakamoto rollout on April 22. Since the Bitcoin halving on April 19, STX has been the best-performing Bitcoin Layer-2.
STX has also increased markedly since its low on April 12. When combined with the upgrade and halving, its performance raises the question if its price can continue increasing toward a new all-time high price.
Layer-2 Performance Since Halving
The Bitcoin price has increased only incrementally since its fourth halving on April 19, moving upward by only 2% (red). In contrast, Bitcoin layer-2 solutions such as STX, ELA and SAVM have increased at a higher pace.
More specifically, STX has increased by 15%, ELA by 13% and SAVM by 11%.
Custom Two-Hour Chart | Credit: TradingView
The outperformance of STX can be partially attributed to the release of the Nakamoto upgrade. On April 15, STX announced it has voted in favor of the upgrade. Among others, Nakamoto will cause Stacks to achieve 100% Bitcoin finality in its transactions, in turn improving its security.
Bitcoin as the standard for settlements. Wall Street is plugged into the ecosystem. L2s will have a similar effect on Bitcoin.
Muneeb Ali, the co-creator of Stacks announced that the Nakamoto Rollout will start on April 12, while its activation window is between May 15 – 29.
STX Price Prediction: New All-Time High Incoming?
The d2-day time frame wave count shows that STX has completed wave three in a five-wave upward movement that started in November 2022. If the count is accurate, STX is now correcting inside wave four.
STX/USDT 2-Day Chart | Credit: TradingView
This this is the most likely count, the sub-wave count is still unclear. The two possibilities are an A-B-C (black) and a triangle correction (red). While both suggest the STX price is in sub-wave B, the ensuing movement will differ based on the count.
If the price is in an A-B-C correction, it will eventually reach a lower low near $1.90. Conversely, a triangle correction will lead to a longer consolidation period before an eventual breakout.
New All-Time High in the Second Quarter
Stacks has been the best performing Layer-2 since the halving, possibly aided by the Nakamoto upgrade. Since there are two valid wave counts still in play, it is not certain if the STX low is already in place, or a slightly lower low will occur in May.
However, both counts predict that the STX upward movement is not complete yet. Rather, a new all-time high is expected in the second quarter of 2024.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
