Stacks is currently going through one of its most important weeks so far this year. This is courtesy of its mainnet upgrade but the hype around that upgrade is evident by STX’s robust price action.STX turned out to be the best performer in the list of the top 50 cryptocurrencies and tokens by market cap.The latest data revealed that it was up by roughly 96% at its $1.06 press time price.
Most of those gains occurred during the week and the coin continued on the same bullish trajectory on Friday. It was up by roughly 17% in the last 24 hours at press time.Source: SantimentSTX’s latest rally resulted in a retest of its previous high, which means there is a potential for a resistance-induced selloff.Also, the price was almost in overbought territory, at the time of writing.On the other hand, STX’s social dominance reached a new weekly peak in the last 24 hours.
This may indicate a spike in the euphoria associated with its latest rally.STX’s bulls likely responded positively to Stacks’ upgrade scheduled to take place on Sunday.Many blockchain networks often experience a rally days ahead of a highly anticipated network improvement or upgrade.
Things are not much different for Stacks but the upgrade’s impact on the Bitcoin network might be the reason for the positive investor response.<p lang=«en» dir=«ltr» xml:lang=«en»>1/Read more on ambcrypto.com