TLDR
- STX, the native token of Stacks protocol, surged 56% in seven days, becoming the best performer among top 100 cryptocurrencies
- BitGo announced integration with sBTC, enhancing institutional access to the Stacks ecosystem
- Stacks-based DeFi ecosystem saw stablecoin supply increase over 400% in Q1 2025
- Price broke out from a descending wedge pattern on April 21, 2025
- STX is approaching the $1 resistance level after hitting a two-month high of $0.92
Stacks’ native token STX has emerged as the top performer among the 100 largest cryptocurrencies this week, climbing 56% over the past seven days. The token reached a two-month high of $0.92 on Friday, with a dramatic 21% gain in just 24 hours.
The recent price action has positioned STX to potentially test the $1 mark, a level not seen since January 2025.
The surge follows BitGo’s announcement that it will integrate sBTC, a synthetic derivative representing bitcoin in a 1:1 ratio on the Stacks blockchain.
Institutional Adoption Driving Growth
BitGo, a leading digital asset custody provider and backer of wrapped bitcoin (WBTC), has opened doors for its customers to explore yield-generating opportunities on Stacks through the sBTC integration.
“SBTC opens the door to programmable, decentralized financial products without compromising Bitcoin’s core principles — and we’re just getting started,” said Abishek Singh, a product manager at BitGo.
With over $3 trillion in processed transactions and more than $48 billion in staked assets, BitGo’s entry provides a strong vote of confidence for the Stacks ecosystem.
The sBTC token allows holders to participate in Stacks’ DeFi ecosystem while maintaining a price peg to their underlying bitcoin.
The upcoming sBTC withdrawal facility, expected to launch on April 30, will allow institutions to move seamlessly between BTC and sBTC.
This development opens new possibilities for applications that combine Stacks’ smart contract capabilities with Bitcoin’s security.
Technical Analysis Shows Bullish Pattern
From a technical perspective, STX has broken out from a descending wedge pattern that formed starting in February 2025.
The breakthrough came on April 21, marking what analysts believe could be the end of a five-wave corrective decline.
This breakout has fueled renewed momentum as STX charges toward the psychological $1 resistance level.
Technical indicators predicted this move, with the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) creating bullish divergences before the rally began.
If STX breaks decisively above $1, the next resistance to watch sits near $1.38, aligning with the 0.382 Fibonacci retracement level.
DeFi Ecosystem Growth
The liquidity in the Stacks-based decentralized finance ecosystem has shown impressive growth in recent months.
The protocol announced on X (formerly Twitter) that stablecoin supply surged over 400% in the first quarter of 2025.
liquidity in the stacks defi ecosystem is accelerating:
– 3k sbtc already on stacks – on track to become the #1 bitcoin l2 by btc supply
– stablecoin market cap surged 400% in q1, crossing $12M+
– new tvl record for stx being liquid stacked unlocking more stx capital pic.twitter.com/0mj3CWL9I4— stacks.btc (@Stacks) April 24, 2025
This places Stacks as the third-largest gainer in stablecoin supply behind only Morph and Cronos.
The total stablecoin supply in the ecosystem reached nearly $7 million, up from approximately $1 million in early January, according to data from DefiLlama.
STX plays several important roles in the Stacks ecosystem.
It enables connection between the parent blockchain and Bitcoin, supports smart-contract creation, enables network governance, and is used to pay transaction fees.
The token also plays a key role in the proof-of-transfer consensus mechanism that allows holders to earn BTC by locking their STX.
Despite the strong upward momentum, short-term technical analysis on the six-hour timeframe suggests STX might be approaching a local top.
Bearish divergences in the RSI and MACD hint at slowing momentum as the price approaches the important $1 mark.
If a correction occurs, STX may pull back toward the $0.78 area before potentially resuming its upward trajectory.
The price movement represents a significant recovery from STX’s recent downtrend after peaking at $3.01 in December 2024.
The token spent several months pulling back before forming the descending wedge pattern that preceded the current rally.
