Last Updated: August 2, 2023
• Stacks (STX) price broke out from a critical psychological barrier this weekend.
• The platform’s newest upgrade could be one of the reasons behind the price performance.
• Bulls pushed the price to retest the $1 price level multiple times last week, and finally, it closed multiple days over the key area.
Stacks (STX) Breaks Out From $1 Barrier
Stacks (STX) has been struggling to break above a key psychological barrier – $1 – since the start of this year. However, this weekend bulls regained control and helped Stacks (STX) surge 45% from $0.89 to its 2023 high of $1.31 on Monday, March 21 according to CoinMarketCap data. This marks a 500% gain for Stacks (STX) since the beginning of 2023 and places it among the best-performing tokens for this year so far.
Bulls Regain Control
Since March 1st, Stacks (STX) attempted to close above $1 but every time it failed due to resistance. This led to a correction and by March 10th its value decreased back down to $0.52 before bulls regained control on Friday, allowing STX token prices to surge by 60% over the weekend and closing multiple days above the key level of one dollar ($1).
Major Upgrade Behind Price Surge?
The recent rally is likely in response to the recent activation of new network protocol update called Stacks 2.1 which includes a range of optimizations such as consensus protocol improvement, new functions introduction, Bitcoin bridges strengthening, mining redefinition as well as reducing Bitcoin network fees.
Bitcoin Ordinals Take Hype
Since Bitcoin Ordinals took hype investors have poured money into Bitcoin-native Defi protocols looking for opportunities in playing that narrative with one particular project being Stacks (STX).
The successful launch of Stacks 2.1 could be one amongst many reasons why STX has broken through its critical psychological barrier at $1 per token and is now setting new highs for 2023 with investors continuing pouring money into this project in anticipation of future gains yet unknown at this point in time