STX emerges as top gainer amid market-wide turbulence

Stacks (STX) recorded an impressive run over the past day while the broader crypto market witnessed a notable decline. 

STX is up by 13.8% in the past 24 hours and is trading at $1.78 at the time of writing. Notably, the asset recorded a 23-month high of $1.81 earlier today. Stacks’ total market cap surpassed the $2.5 billion mark, making it the 34th-largest cryptocurrency. 

The daily trading volume of Stacks also recorded a 270% rally, reaching $542 million. The rise in STX’s price comes while the global crypto market capitalization registered a 1.9% decline over the past 24 hours — currently standing at $1.7 trillion. 

According to data provided by Santiment, the total open interest (OI) in Stacks surged from $64.8 million to $80.8 million over the past 24 hours. 

Moreover, data from the market intelligence platform shows that STX investors are still going for long positions despite the market-wide turbulence. Per Santiment, the total funding rate aggregated by Stacks is currently hovering around 0.01%, showing a slight dominance of long-position holders until further movements. 

On the other hand, the STX Relative Strength Index (RSI) rose from 56 to 68 over the past day. This shows that the asset is currently overhyped and could be manipulated by big whale movements. 

When the RSI of an asset rises, high price volatility is usually expected. For STX to gain further bullish momentum, its RSI would need to cool down below the 60 mark. 

Renowned investor Tim Draper previously stated that the Stacks Network could potentially improve how smart contracts are utilized and deployed. With high utility, the STX price could also record impressive gains, Draper said.