Amidst turbulent market conditions, STX takes the lead as the top performer.
Stacks (STX) has experienced a remarkable surge in the past 24 hours, contrasting with a notable decline in the wider cryptocurrency market.
At the time of writing, STX is up by 13.8% and is currently trading at $1.78. It is worth noting that the asset reached a 23-month high of $1.81 earlier today. As a result, Stacks’ total market capitalization has surpassed $2.5 billion, solidifying its position as the 34th-largest cryptocurrency.
The daily trading volume of Stacks has also witnessed a significant rally, increasing by 270% to reach $542 million. This surge in STX’s price comes at a time when the global crypto market capitalization has experienced a 1.9% decline over the past 24 hours, now standing at $1.7 trillion.
Data provided by Santiment reveals that the total open interest (OI) in Stacks has surged from $64.8 million to $80.8 million within the past day. Furthermore, the market intelligence platform’s data shows that despite the market-wide turbulence, STX investors continue to opt for long positions. The total funding rate aggregated by Stacks is currently around 0.01%, indicating a slight dominance of long-position holders until further market movements.
On the flip side, the STX Relative Strength Index (RSI) has risen from 56 to 68 in the past day. This suggests that the asset is currently overhyped and vulnerable to manipulation by large-scale market participants.
Typically, when the RSI of an asset rises, it is expected to exhibit high price volatility. In order for STX to gain further bullish momentum, its RSI would need to cool down and drop below the 60 mark.
Famed investor Tim Draper has previously expressed his belief that the Stacks Network has the potential to enhance the utilization and deployment of smart contracts. Draper also stated that with increased utility, the STX price could achieve impressive gains.
