STX Surges 1.88% Daily Amid Layer 1 2 Protocol Demand

STX has recently completed a breakout and retest formation on the daily chart, coinciding with a gradual rebound from its recent bottom. The price action shows an upward shift following a sustained downturn that began in early June. As of the 2nd of July, the asset was traded at 0.0757 with a growth of 1.88% per day. This was after a breakout out of a downward trendline that had been limiting the price movement over several weeks. The performance of STX is in line with the growing market demand in the Layer 1 and Layer 2 protocols, which further provides context to its current movements. However, this analysis will focus solely on the available price data and visible technical levels.

The chart illustrates a multi-week downtrend that lasted through most of June. STX repeatedly failed to break above lower highs during this stretch, forming a downward-sloping resistance. Price eventually found support near the $0.0582 level, establishing a potential base. After multiple tests of this support, buyers managed to break above the descending trendline late in June. Following this breakout, a short retest confirmed the move, and the price began climbing. Current levels now hover near $0.0757, just above the immediate resistance of $0.0758. With the former downtrend broken, the next key resistance appears at $0.0904, followed by $0.1278. Each of these levels has previously acted as rejection zones.

The price range now reflects an early recovery phase. After bottoming at $0.0582, STX steadily moved upward, with visible price compression in late June. That period was followed by a breakout on rising volume. The successful retest at the trendline suggests prior resistance has turned into temporary support. While STX remains below the $0.0904 resistance, price behavior has shifted. Buyers are now defending higher levels and moving the short-term range upward. The nearest support zone lies between $0.0582 and $0.0630, where previous consolidation occurred.

STX’s immediate task is to reclaim the $0.0904 level. Above that, the chart shows a potential rise toward $0.1278. The long consolidation phase near the lower range may now provide a springboard. The upper resistance band at $0.1643 remains a possible technical ceiling in case momentum extends further. Meanwhile, price activity remains within a well-defined horizontal structure. The reaction at each key resistance will likely shape the direction moving into mid-July.