Pendle (PENDLE) and Stacks (STX) have emerged among the top gainers in the crypto market today. Per CoinGecko’s data at press time, Pendle trades at $4.38, marking a 14.77% increase in the last day and a 29.10% increase over the past week.
Similarly, Stacks trades at $1.89, reflecting a 12.15% rise in the past day and a 43.31% surge over the past seven days.
What you'll learn 👉
Pendle’s Bullish Trend
Pendle has shown growth, with a daily dtrading volume of $120,687,083. Crypto analyst Nology3000 highlighted this momentum on X, stating,
“New blue scenario on $PENDLE. If we can get past $4.10, it implies an impulse, otherwise one of the two is still in play. Measuring from the A vs the W gives me key fib level where it bounced off with some strength. Already in long.”
Additionally, Crypto_Bravado noted that the Ethereum narrative added substantial weight to PENDLE’s performance. The strong trading volume and positive market sentiment have contributed to Pendle’s gains.
Stacks’ Price Performance
Stacks has also experienced a noticeable price increase, with a daily trading volume of $77,212,053. Decilizer, a notable crypto influencer, commented,
“$STX is looking strong today. After establishing support at $1.5, it is all set to cross our next target of $2.78. It could also catalyze a rally in $BTC as it belongs to the Bitcoin Ecosystem. We’ve seen a 570% profit growth in the recent rally.”
Moreover, a major development for Stacks came with the closure of an SEC investigation. The SEC dropped a three-year-old investigation into Hiro Systems PBC (formerly Blockstack). The company that had raised $70 million in STX token sales from 2017 to 2019.
According to the filing, Hiro Systems PBC was informed on July 9, 2024, that the SEC staff concluded its investigation. The SEC does not intend to recommend enforcement action against Hiro based on the information available.
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Market Implications
PENDLE and Stacks (STX) have emerged as notable gainers. Ethereum’s positive market sentiment has played a part in Pendle’s performance. Besides, the closure of the SEC investigation into Stacks and positive technical analyses have contributed to investor confidence.
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