• Stacks is gaining popularity for its ability make Bitcoin as programmable and programmable than Ethereum.

• Stacks’ current pump isn’t fundamentally driven, and is more consistent in whale activity.

• Volumes have been dropping but Stack remains strong at intra-day support.

Stacks (STX) is a crypto project that unlocks the power of Bitcoin way beyond its use cases as a currency and a store of value. Stacks is the largest cryptocurrency market cap in the world and can be used for smart contracts. This is significant because Bitcoin’s security makes it possible to create highly sensitive Dapps, particularly for DeFi.

The implications of Bitcoin becoming programmable for stacks are also very significant. Stacks is a sought-after cryptocurrency for investors looking to earn staking rewards. Stacks investors can earn as much as 9.8% APY and receive Bitcoin rewards.

However, Stacks moves in tandem to the broader market and its current price, given that the cryptocurrency market bearish, is an anomaly.

Price action consistent with whale activity

Stacks has in the last 24-hours shot up by over 28%. This follows a sudden increase in volumes, now up by over 4800%. This sudden rise in volume indicates that a whale is buying up Stacks massively, triggering the current price rallies.

Stacks forms a descending triangle pattern

After a massive pump that saw Stacks hit a high of $1.9, Stacks has formed a descending triangle pattern, with strong support at $1.346. This indicates that trading volumes are declining after the initial pump, which was consistent with whale activity.

Source: TradingView

If Stack’s buying volume remains high and it bounces from the $1. 346 support, it could retest the $1.9 resistance in the short term. If the stacks bulls break the $1.9 intraday high, then resistance could be in place, and prices above $2.5 may be possible.

However, if this were a random pump and Stacks drops under the $1. 346 support, prices below $1. 07 could come within focus in the short term.

Summary

Stacks has pumped in the last 24-hours in price action consistent with whale activity. These volumes are decreasing and STX trades at key support.