Stacks Soars Over 330% in Months, Analyst Sees Room To Continue Bitcoin Layer-2 Rally
-
Stacks (STX) is a layer-2 altcoin for Bitcoin that allows smart contracts and DeFi apps to be built on Bitcoin. It's up over 330% in under 3 months.
-
Analyst Nicholas Merten believes Stacks still has ample room to continue its uptrend due to the current Bitcoin-centric market narrative.
-
Merten notes a potential bullish pattern forming on the STX/BTC chart that could confirm the next big move if it closes above a key level.
-
Stacks appears to be repeating a historical price pattern that preceded a massive rally to $17, per Merten's analysis.
-
Merten cites the over 330% gain from November, lack of significant price contraction afterwards, and growing supply/demand imbalance as reasons for his bullish view.