Stacks crypto has made significant progress with the unveiling of its highly anticipated mainnet upgrade, referred to as the “Nakamoto Upgrade.”
This Layer 2 improvement effectively separates Stacks’ block production from that of Bitcoin, allowing the network to process transactions more rapidly.
In response to this development, the STX token has shown a positive reaction, coinciding with Bitcoin’s recent push to test its all-time high, potentially indicating a new wave of momentum for STX and other BTC-integrated assets.
Nakamoto Upgrade Boosts STX Crypto
The Nakamoto Upgrade marks a significant milestone for Stacks, representing its most substantial upgrade thus far on this Layer 2 platform utilizing Bitcoin’s infrastructure.
As per official reports, the upgrade was expected to activate around Bitcoin Block 867,867, which occurred around October 29th, and it was successfully implemented at Block 867,900.
This progress means that STX Crypto transactions are now swiftly processed, showcasing a notable enhancement in speed and efficiency.
In addition, the Stacks team introduced “sBTC,” a distinct token facilitating seamless interaction between Bitcoin and the Stacks ecosystem.
This new feature is anticipated to enhance the functionality of both Bitcoin and STX within the network, resulting in faster and more decentralized transactions.
Crucial Price Levels for STX Crypto
As STX crypto adjusts to the post-upgrade scenario, specific technical thresholds will play a vital role in determining its future trajectory. The token is nearing its 50-day moving average, a level that could provide support if the recent bullish trend persists.
Nevertheless, there is resistance just below the psychological barrier of $2.00, a point where previous rallies faced selling pressure. A breakthrough above this level could indicate further price appreciation.
On the flip side, failing to maintain support might lead STX to retrace some of its recent gains.
Potential for Continued Expansion
The Nakamoto Upgrade paves the way for an optimistic new phase for Stacks, driven by faster transactions and the integration of sBTC.
The market’s reception has been favorable, with technical indicators suggesting favorable conditions for continued upward movement. Should STX Crypto uphold its support levels and successfully surpass resistance barriers, the recent upgrade could propel sustained growth for the token in the upcoming weeks.