[Stacks launches Nakamoto upgrade, STX faces bearish pressure]
Bitcoin's second-layer network Stacks has attracted community attention due to the "Satoshi Nakamoto" upgrade. This upgrade is designed to speed up transactions. Still, Stacks’ native token STX is down 6% in the past 24 hours, with trading volume down 10%.
The "Satoshi" upgrade aims to decouple Stacks' block production schedule from Bitcoin. Network operators have two weeks to implement it, and the upgrade is ultimately completed through a hard fork. This upgrade introduced the "Transfer Proof" consensus algorithm, which allows users to burn BTC to mine Stacks blocks and receive rewards. It has been implemented since April and added block "signers" to verify transactions.
Stacks aims to enhance the utility of Bitcoin, use Bitcoin as the base layer to implement smart contracts and decentralized finance (DeFi) functions, and launch sBTC to integrate BTC into the Stacks economy.
STX is currently in a bearish trend with the 9-day EMA at $1.67, the daily RSI at 51, and market sentiment is neutral. If bulls return, STX faces resistance at $1.93 and $2.05; if bearish sentiment persists, the coin could drop to $1.51 and find support at $1.33.
The coming days will be critical in determining whether STX can maintain its momentum or fall further, and traders and investors are keeping a close eye on market movements.
