$STX
Stacks is a Bitcoin layer 2 project that aims to enhance the development of smart contract applications. Its native token STX has gained 20% in the past seven days, becoming one of the altcoins with the potential to surpass Bitcoin in the next month.
STX’s performance is influenced by the upcoming Satoshi upgrade, which is scheduled to be implemented on October 9 and is expected to be a boon to the Bitcoin network, especially the decentralized finance (DeFi) sector. This upgrade will introduce sBTC, a token pegged to Bitcoin.
Currently, STX is priced at $1.964, having experienced a low of $1.05 during the August 5 crash. The recently formed inverted head and shoulders pattern suggests that market sentiment is improving, which may trigger a price rally.
Currently, STX faces resistance at $2, while the support at $1.73 suggests that it may rebound soon.
If all goes well, the price of Stacks may rise by another 20% to $2.38 by October 2024. However, this prediction will be at risk if the bulls of STX fail to break the $2 resistance. In this case, the value of the altcoin could drop below $1.73.
