In recent days, Stacks (STX) reflected encouraging price movements, guiding its investors about new investments. Especially during the downturns led by Bitcoin, it is noteworthy that price movements that diverge from the general market trend occur.
Stacks Volume Increases
According to data provided by CoinMarketCap, Stacks hosted significant movements in the last 24 hours. The data indicated that there was a noteworthy 10% increase in the market value of the altcoin during the mentioned period, and the primary reason for this was the steady rise in its price over the past few days.
However, as of the time of writing, there was a significant decrease in market value triggered by increased sales, but despite this, indicators for Stacks still remain above 1.5 billion dollars. Despite the decrease in market value, the trading volume continued to increase steadily. According to CoinMarketCap’s data at the time of writing, there was a clear 200% increase in Stacks’ volume.
According to a more comprehensive analysis using Santiment data, the volume is currently over 308 million dollars. The volume chart also reflects that we are going through a volatile time, with the volume emerging at the time of writing not being the peak of the month but being the highest volume of recent days.
STX Above Previous Price Range
The daily price trend of Stacks shows a consistent upward trend over the past three days. This indicates a positive development for STX as it moves in the opposite direction of the general market trend.
The chart shows a significant 9% increase in value during these three days. At press time, Stacks was trading around $1.08, reflecting a 2% increase in value. The price wick indicates an ongoing battle between buyers and sellers.
In addition, the Relative Strength Index (RSI) line was above 60. This indicates that STX remains in a strong upward trend, signaling strength in the upward price movement.
Why is Stacks Rising?
According to data provided by Stack Explorer, there was a significant increase in network transaction activity at block height 132,377. The Explorer revealed a record-breaking total of 10,371 transactions at this block height, indicating the highest number of transactions ever carried out on the network.
The increase in transactions was primarily attributed to STX-20 activities. Both the movement in STX price and the consequential impact on the related transaction volume reveal the structure formed around the effects of this increased transaction activity on the general market.
