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XLM Skyrockets 70% in a Week, Hits $0.40 on Upgrade Buzz
In a surprising turn of events, Stellar’s native asset, XLM, has skyrocketed by a staggering 70% over the past seven days, reaching an astonishing price point of $0.40. This unprecedented surge is largely attributed to the impending Protocol 23 upgrade vote set for August 14.
The market seems to be betting heavily on the potential benefits this upgrade could bring to the Stellar network’s speed and efficiency. The recent tokenization of $446 million in U.S. Treasuries by Franklin Templeton further solidifies this sentiment, as institutional players begin to take notice of XLM’s impressive fundamentals.
According to data provided by TradingView, the altcoin has broken above a long-standing downtrend line that had been in place since 2021, triggering an impulsive rally and signaling accumulation by buyers. Technical analysis suggests that $0.681 could be the next significant resistance level, with potential for further gains towards $1.2918 if breached.
The 20-day simple moving average at $0.2599 has already been surpassed during this breakout, indicating a strong upward momentum. Additionally, the Money Flow Index sits at 90.12, reflecting overbought conditions and increased volatility.
As a result, analysts warn that a short-term pause or pullback remains possible if buying pressure slows down. Nevertheless, institutional participation continues to grow, with DeFiLlama reporting a 22% increase in Stellar’s Total Value Locked (TVL) in decentralized finance to $120.25 million over the past 24 hours.
With this information, it appears that XLM is on an unstoppable trajectory, driven primarily by the excitement surrounding Protocol 23 and its potential impact on the Stellar ecosystem.
Source: cryptopotato.com
