As a seasoned analyst with years of experience navigating the crypto market, I’ve seen my fair share of price predictions and technological upgrades. The upcoming Nakamoto upgrade for Stacks (STX) certainly piques my interest, given its potential to boost transaction speed significantly.
Can Stacks’ Nakamoto Upgrade Push STX Past $2?
Is Stacks Ready for $2 After Nakamoto Upgrade?
Stacks’ Big Upgrade: Can It Trigger a $2 Rally?
- The Nakamoto upgrade will help increase transaction speed.
- Market sentiment, however, remained bearish on the token.
For several months, Bitcoin‘s layer 2 platform Stacks (STX) has been gearing up for a significant update. The anticipated event is fast approaching, with just a week remaining. Yet, as the L2 was readying itself for this upgrade, the market trend for the token shifted bearish. The question now is whether this upgrade will generate enough optimism to propel the token’s price towards $2.
All about Stacks upgrade
Initially known after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, the Nakamoto update plans to decouple Stacks’ block creation timetable from that of Bitcoin. The scheduled Stacks upgrade is set to take place on October 29th.
According to the official record, the “Nakamoto Release” is a planned hard fork on the Stacks network that offers various advantages. The primary benefits include enhanced transaction processing speed and guaranteed confirmation of all Bitcoin transactions.
Instead of miner elections determining the production of Stacks blocks following the Nakamoto consensus, miners will produce blocks at a fixed rate. However, the group of PoX Stackers is determined by miner elections that decide when to transition from one miner to another.
Will STX cross $2?
Despite the blockchain platform Stacks undergoing a significant update, its native token, STX, didn’t seem to reap any benefits. According to CoinMarketCap’s latest data, STX experienced a decline of more than 5% in the past 24 hours. At present, one STX is being traded for $1.84 and has a market capitalization exceeding $2.75 billion. The downside was that while the trading volume of STX increased, its price dropped, suggesting that this decline in value might be validated.
Consequently, AMBCrypto decided to examine the present situation of STX more closely to determine if it’s plausible for the token to reach $2 in the near future. Based on our review of Santiment’s data, we noticed that STX’s overall sentiment has decreased substantially over the past week. This suggests that negative sentiment toward the token is growing, indicating investor uncertainty about its price increase.
According to data from Coinglass, the long/short ratio for STX has decreased. This indicates that there are currently more short trades being made in the market compared to long trades. This situation is often interpreted as a bearish signal, suggesting potential price decline.
Nonetheless, Stacks’ open interest also declined. This indicated that the on-going bearish price trend might as well change in the coming days. We then took a look at STX’s daily chart to better understand what to expect.
Read Stacks [STX] Price Prediction 2024-25
According to our examination, STX’s value had been fluctuating within an ascending triangle formation. The recent drop in price might be due to the token being confined within this pattern, consolidating its strength. If there’s a breakout above this ascending triangle, it could potentially drive the token prices significantly higher than $2 in the near future.
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2024-10-22 09:11