Stacks STX surges 11.7% on DeFi campaign and governance vote anticipation

Stacks (STX) experienced a significant price surge in the last 24 hours, gaining 11.7% to reach a high of $0.7152. This rally was driven by two key developments within the Stacks ecosystem: the launch of the ‘STX DeFi SZN’ campaign and the anticipation of the SIP-031 governance vote. These events have contributed to heightened market activity and price momentum.

The ‘STX DeFi SZN’ campaign aims to increase decentralized finance participation across the Stacks blockchain. This initiative has likely attracted new users and investors, contributing to the recent price increase. Additionally, the upcoming SIP-031 governance vote has sparked interest in the token’s utility and future governance dynamics, further fueling the market activity.

Over the past day, STX maintained a steady climb before accelerating sharply around midday on June 25. The price moved from below $0.6600 to reach an intraday peak near $0.7387. Resistance was recorded at that level, which coincides with the local top. Support is now seen at $0.6405, a level that held during previous consolidation phases. The current trading value, $0.6818, reflects a 4.8% increase from the last recorded daily low. Notably, STX also gained ground against Bitcoin, rising by 4.1% to trade around 0.056405 BTC.

The market response was also reflected in trading volume, with increased velocity through the most recent rally. Liquidity remained sufficient to sustain the upward move, though the final breakout stalled at the resistance zone. Overall, the $0.7387 mark remains the upper resistance boundary. Price stability above $0.6405 is being closely observed, especially as the governance vote nears.

These combined events likely helped catalyze the latest rally, with participants responding to increased ecosystem engagement. The current support at $0.6405 and the key resistance zone at $0.7387 will be crucial levels to watch as the market continues to react to these developments. The upcoming SIP-031 vote and the ongoing ‘STX DeFi SZN’ campaign are expected to further influence the price and market activity of STX in the coming days.