Journalist
Posted:
- STX is up more than 9% in the past 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 the price movement, which has deviated from the general market trend.
Stacks see a volume change of over 200%
According to CoinMarketCapStacks has witnessed significant movements in the past 24 hours.
The data showed a notable 10% increase in market capitalization during this period, mainly driven by a consistent upward trend in the price over the past few days.
However, at the time of writing, there has been a significant reduction in market capitalization due to increased sell-off, although it is still well over $1.5 billion.
Source: Santiment
Despite the decline in market capitalization, trading volume has continuously increased. CoinMarketCaps data showed a remarkable 200% increase in volume at the time of writing.
A more in-depth analysis using data from Santiment indicated that volume is currently over $308 million.
The volume chart further illustrates an eventful month, with press time volume at its highest in recent days, but not at its peak for the entire month.
STX moves 2% above the previous price range
Stacks’ daily 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 overall market trend.
The chart illustrates a remarkable 9% increase in value over these three days. At the time of writing, Stacks was trading around $1.08, reflecting a 2% increase in value. The price fuse indicates an ongoing battle between buyers and sellers.
Source: TradingView
In addition, the Relative Strength Index (RSI) line was above 60. This indicated that STX remained in a strong bullish trend, indicating strength in the upward price movement.
Why Stacks has gained momentum
According to data obtained by AMBCrypto via Stack Explorerthere was a significant increase in transaction activity on the network at block height 132,377.
The Explorer revealed a record 10,371 transactions at this block height, marking the highest number of transactions ever observed on the network.
How much are 1,10,100 STXs worth today?
Notably, this transaction increase was mainly driven by the activity of minting STX-20 inscriptions.
The resulting impact on both STX price performance and associated trading volume underlines the influence of this increased transaction activity on overall market dynamics.