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XLM Price Breaks Out: Is $1.59 the Next Stop?
Stellar Lumens (XLM) has recently experienced a remarkable 75% surge over the past week, outperforming numerous top assets in the cryptocurrency space. This sudden upswing can be largely attributed to the upcoming Protocol 23 upgrade on the Soroban platform, as well as growing institutional interest and the broader expansion of Stellar’s real-world applications.
The XLM price has successfully broken above a multi-year descending trendline, initiating an impulsive rally that analysts believe could extend further. In fact, analyst Javon Marks suggests $0.681 as the next key resistance level, with the potential to reach $1.2918 if this upward pressure continues.
Moreover, recent chart analysis by ChartNerdTA highlights a breakout from a flag formation, indicating the possibility of XLM pushing even higher. This expert forecast indicates that $1.59 could serve as a potential upside target in the coming weeks.
The sudden surge in trading volume past $2.73 billion and market capitalization reaching $12.50 billion underscores investor sentiment shifting towards Stellar. The growing demand for cross-border payroll, low fees, fast settlement, and programmable asset issuance has driven XLM’s upward momentum.
As we continue to monitor the development of these fundamental factors, it remains clear that XLM is poised for a significant move higher, with $1.59 potentially serving as the next critical resistance level.
Source: coinpedia.org
