STX Sinks to $0.138, a Six-Year Low, as RSI Hits 23 Ahead of PoX-5 Fork
Stacks lost the $0.16 level and fell 6.2% on the day amid a Binance tag scare, with sell volume outpacing buys 4.98M to 4.24M.
Stacks (STX) broke below its $0.16 support and printed $0.138 on July 25, a level last seen in mid-2020. The token was down 6.2% on the day, and the move coincided with a spike in concern over a tag change applied to STX on Binance — not with any fresh problem on the network’s roadmap.
What triggered the sell-off
The Stacks Endowment has acknowledged trader unease over the Binance tag and said it is in direct contact with the exchange to resolve it. The organization’s position, relayed by community figure Reubs, is that the tag shift is tied to consensus-level changes Binance is implementing ahead of the PoX-5 hardfork, and that it will be lifted once those changes are complete. Other major exchanges were reportedly briefed in advance and have already moved to support the upgrade.
Markets did not take the reassurance well. Rather than calming the order book, the explanation appears to have accelerated de-risking, pushing STX through a support zone it had held for weeks of consolidation.
PoX-5 testnet is live, but usage isn’t following
The timing is awkward for the protocol: Stacks’ PoX-5 hardfork, which introduces trustless, self-custodial Bitcoin staking so holders can earn BTC-denominated yield without giving up custody, is scheduled for July 29 following community approval of proposals SP-044 and SP-045. A public testnet for builders went live three days before the crash.
On-chain data is not confirming the bullish narrative around the upgrade. Token Terminal figures show daily active users on Stacks falling to 1,100, matching the network’s lowest reading since January 2026. A major protocol upgrade typically front-runs a pickup in activity as builders and users position early; here, engagement has moved in the opposite direction, which points to weak organic demand for the token independent of the exchange-tag noise.
Momentum and order flow both point down
Technical readings deteriorated in step with price. STX’s Relative Strength Index formed a bearish crossover and dropped to 23, deep in oversold territory and consistent with sellers holding firm control rather than a market simply pricing in a short-term panic.
Spot order-flow data from Coinalyze shows the same shift: sell volume rose to 4.98 million against buy volume of 4.24 million. That marks a reversal from a prior stretch when buyers were dominant, with buy volume as high as 20.4 million. The flip from buyer-led to seller-led flow, combined with an oversold RSI that hasn’t yet bounced, suggests the current leg down has not exhausted itself.
Levels to watch
With daily active users near a multi-quarter low and sell-side flow still leading, traders are watching $0.13 as the immediate line, with $0.10 flagged as the next material support if momentum stays negative into the July 29 fork. A resolution of the Binance tag situation, paired with any pickup in network usage once PoX-5 goes live, is the more plausible path back toward the $0.16 level STX lost this week. Until then, the setup remains one where a protocol-level catalyst and deteriorating on-chain demand are pulling in opposite directions.