Stacks makes a new all-time high finally breaking $3. Will it continue increasing?
Key Takeaways
- STX surges 150%, nearing an all-time high at $3.39.
- Significant growth in STX’s TVL and market cap.
- Rising social activity signals increased interest in STX.
Stacks achieved a 150% increase from its January 23 low of $1.22, breaking the $3 resistance level reaching a new two-year high at $3.35. After multiple attempts, STX surpassed the $3 resistance.
Approaching it all-time high of $3.39, STX has shown significant growth in total value locked (TVL) and market cap. With the upcoming Bitcoin halving, further bullish trends are expected for STX, but is the price getting overextended now?
What’s Driving The Rise?
LunarCrush noted a significant increase in STX’s social activity, the highest among all assets over the past year, with a nearly 16,000% rise in interactions.
This surge in interest is linked to the excitement around Bitcoin Layer 2 solutions, a space in which STX operates. Social metrics for STX have seen substantial increases, indicating growing engagement and interest in the cryptocurrency.
Stacks (STX) Price Analysis
The price of Stacks started its current uptrend on January 23, which was the ending point of higher degree fourth wave. This makes the current rise the end of an uptrend dating back to December 2022 and is likely its final fifth wave.
Looking at the price structure of the uptrend from January 23, we can also count five more waves with the price currently being at its last one. There aren’t any signs of struggle, which is why an upturn could happen in the short term. However, there are also signs of caution.
The daily chart Relative Strength Index (RSI) signals overextension, moving above 70%. With the wave structure implying that we are seeing the ending wave, STX could continue to rise to $4 at max.
After this uptrend ends, STX should start a corrective phase, bringing its price down. Usually, these corrections come as a fall of between 30% and 40%. If, however, we are to make a proper projection, we first need to see where the uptrend ends.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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