Stacks (STX) climbed over 23%, registering the leading daily gains among the top 100 cryptocurrencies by market cap. The altcoin broke out of a descending channel following a broader crypto market rebound and Bitcoin surpassing the $80,000 threshold.
Social mentions of STX increased by 31.7% over the week, according to data from LunarCrush, driven by the expansion of Bitcoin utility and staking features. Stacks announced that self-custodial Bitcoin staking went live with the Genesis Bond, allowing holders to earn Bitcoin-denominated yield while maintaining their coins on Bitcoin's base layer under their own keys.
This upgrade contributed to a spike in network usage. The Total Value Locked (TVL) on the network grew from $83 million to $102 million over a six-day period, while decentralized exchange (DEX) volume more than doubled from $960,000 to $2.18 million, according to DefiLlama data. Additionally, chain fees increased nearly tenfold from $339 to $3,139.
From a technical perspective, the recent uptrend relied on staying above the $0.2260 support level, which coincides with the 200-day exponential moving average. While bulls successfully cleared a previous supply zone at $0.17, they have faced challenges at the $0.26 to $0.30 supply zone. Analysts note that surpassing the year's peak of $0.4019 requires clearing this zone, whereas a breakdown below the 200-day EMA could invalidate the current bullish market structure.
