The STPT price went parabolic on Wednesday morning as the demand for the coin jumped. The STP Network price jumped to a high of 0.0750 USDT, which was the highest level since May 5th of this year. It jumped by more than 97% from the lowest level this year. Its market cap jumped to a high of $102 million, making it the 295th biggest coin in the world.
What is STP Network?
STP Network is a small but fast-growing blockchain project that seeks to supercharge the blockchain industry. It is a layer-2 network like Polygon, Immutable X, and Looprig that helps to optimize the performance of decentralized autonomous organizations (DAOs). STP runs a platform known as Verse.
It can handle more than 1,500 transactions per second while the overall transaction cost is less than $0.01. At the same time, it is a multi-chain compatible platform that can work with EVM and Ethereum RPC.
According to its website, STP Network has four main layers: application, execution, network, and consensus layer. The application layer is made up of smart contracts and DAPPs while the execution layer supports multiple VMs like EVM, WASM, and MOVE.
Its network layer has thousands of full nodes while its consensus layer has over 1,000 validators. STP Network is relatively small, meaning that its ecosystem is significantly smaller than peers like Polygon and Solana. Some of the top apps in its ecosystem are Cobak, DeFine, and Vee Finance.
STPT price prediction
The four-hour chart shows that the STPT price made a bullish breakout on Thursday. As it rose, the coin managed to move above the upper side of the triangle pattern that is shown in blue. It also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the overbought level of 80.
Therefore, the outlook for the STP Network is still bullish, with the next key resistance being at $0.07. The stop for the bullish view will be at $0.055. However, since the rally had no major catalyst, there is a likelihood that it will resume the bearish trend in the coming days.
