Key takeaways
- Stacks’ native token STX rose nearly 7% in the past 24 hours and is trading at $0.378.
- If the $0.39 resistance holds, the coin could retreat toward $0.35.
STX hits $0.39 amid rising TVL
STX, the native token of Stacks — a layer-2 protocol built on Bitcoin — is trading around $0.37 after gaining roughly 7% over the last 24 hours.
This uptick coincides with growth in Total Value Locked (TVL) for the Stacks ecosystem. Data from DeFiLlama shows Bitcoin-related TVL at $7.176 billion, up from $6.728 billion a week earlier.
Renewed interest in Bitcoin-based DeFi has helped push Stacks into the spotlight as one of the leading DeFi platforms on the Bitcoin blockchain.
Specifically, Stacks’ TVL sits at $129.73 million, rising from $116.62 million the previous week, according to DeFiLlama.
Retail traders also appear to be returning to the network. Open interest (OI) on STX futures currently stands at $27.79 million, up from $16 million a week ago, signaling a renewed inflow of capital and more risk-on sentiment among derivatives traders.
STX could fall back to $0.35 if $0.39 resistance holds
The four-hour STX/USD chart remains bullish after STX added about 17% since finding support at the 50-day EMA near $0.3060 on Sunday. At the time of writing, STX is trading around $0.3781 and could push higher in the near term.
If gains continue, STX could climb toward the $0.413 resistance level for the first time since November 13. A sustained bullish move could even push the token toward $0.50, a level last seen before the deleveraging event on October 10.
The 4-hour Relative Strength Index (RSI) sits around 83, indicating strong buying pressure. However, with RSI in overbought territory, STX may be susceptible to a short-term correction.
Should a pullback occur, STX could retest the $0.35 area as support, while the 50-day EMA near $0.3060 would likely serve as a stronger support zone.