SXP +140.52% in 24 Hours Amid Network Upgrade and Staking Rewards

On SEP 8 2025, SXP surged by 140.52% within 24 hours to reach $0.1741, following a major network upgrade that enhanced its consensus mechanism and expanded staking capabilities. The token also gained 34.76% over the previous seven days, though it showed no change over the past month and dropped significantly by 4845.24% year-to-date. The 24-hour jump is being attributed to improved user activity and a renewed focus on decentralized finance (DeFi) applications.

The Sia network, on which SXP operates, implemented a new consensus layer that allows for faster transaction finality and more efficient resource allocation. This upgrade was accompanied by an increase in the staking rewards for validators, which has incentivized more participants to secure the network. As a result, the total value locked (TVL) in Sia-based protocols has risen, contributing to broader interest in the ecosystem.

The price movement coincides with increased developer activity and a surge in mainnet node count. Public repositories related to Sia have seen over 100 new commits in the past two weeks, indicating a period of active development. Community forums have also reported a rise in user inquiries about the technical benefits of the new consensus mechanism, suggesting growing awareness and adoption.

Technical indicators show that SXP’s price has broken out of a descending triangle pattern, with the 20-day moving average crossing above the 50-day line, signaling a potential upward trend. The Relative Strength Index (RSI) has moved into overbought territory, suggesting that the price may consolidate before resuming its rally. Analysts project that the token could continue to attract DeFi-focused capital inflows, particularly as staking yields remain competitive compared to other layer-one platforms.

Backtest Hypothesis

A backtesting strategy based on SXP’s recent technical behavior involves entering a long position on a 24-hour breakout above the descending triangle, confirmed by a closing price above the 20-day moving average. The strategy incorporates a trailing stop-loss at the 50-day moving average to protect gains while allowing for trend continuation. Exit signals are triggered when the RSI falls below 60, indicating potential exhaustion in the upward momentum. This approach aligns with the observed breakout pattern and aims to capture the trend before a potential pullback.