Stacks (STX) jumped more than 23%, leading all top 100 cryptocurrencies by daily gains. The rally follows Bitcoin's break above $80,000. It comes ahead of a self-custodial Bitcoin staking upgrade set to go live on September 10.
Stacks broke from a descending channel last week as the broader crypto market rebounded. As a Bitcoin Layer 2 solution, Stacks benefits directly from BTC's strength, and Bitcoin's break above the $80,000 level prompted market-wide gains that carried STX higher.
Bitcoin staking upgrade drives network activity
The expanding utility of Bitcoin, particularly its staking feature, has pushed Stacks' price higher. Social mentions of STX rose 31.7% this week, according to LunarCrush data cited by AMBCrypto.
Stacks announced that self-custodial Bitcoin staking will go live with the Genesis Bond on September 10. The upgrade lets holders earn BTC-denominated yield while their coins remain on Bitcoin's base layer under their own keys, giving Bitcoin holders productive capital without giving up custody or leaving BTC's security model.
Network usage has since spiked as participants embrace the new utility. Total value locked climbed from $83 million to $102 million in six days. Over the same period, DEX volume more than doubled, from $960K to $2.18 million, per DefiLlama. Chain fees rose almost 10x, from $339 to $3,139, pointing to network congestion.
Bulls target a new year-to-date high
The uptrend hinges on STX staying above $0.2260, the support level that coincides with the 200-day EMA; holding above it usually signals a bullish market structure. Previous analysis flagged $0.26 as a crucial supply zone for STX's next rally, while the earlier $0.17 supply zone was already taken out.
For STX to surpass this year's peak at $0.4019, which sits 38% above current prices, it needs to clear the $0.26-$0.30 zone. Momentum is present and growing, with a reading of 0.1497.
However, if bears outweigh bulls at the $0.30 supply zone, STX may revert to its current mean position at $0.2260. A break of the 200-day EMA would invalidate the current bullish market structure shift.
Source: AMBCrypto
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