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XLM Price Breaks Out: Is $1.59 the Next Stop?
Stellar Lumens (XLM) has recently made a strong comeback in July, with its price surging by 75% over the past week and 86% within two weeks, surpassing many top assets in the process. This impressive rally is largely attributed to a mix of factors, including the upcoming Protocol 23 upgrade on Soroban, rising institutional interest, and widespread market optimism following Bitcoin’s recent all-time high.
Technical indicators are now aligning with fundamental developments, suggesting that XLM price may be poised for further growth in the coming weeks. The cryptocurrency has broken above its multi-year descending trendline dating back to 2021, a significant development that could fuel impulsive rallies.
Industry analyst Javon Marks notes that $0.681 represents a critical resistance level for XLM, with potential for an extension up to $1.2918 if the bullish momentum continues. Meanwhile, ChartNerdTA has shared an insightful chart highlighting a flag formation breakout, implying that XLM could push even further, potentially reaching $1.59 in the near future.
The strong surge is largely driven by Protocol 23 upgrade on Soroban platform which is set to introduce optimizations for transaction execution and state management to enhance network performance. This development has sparked widespread excitement among investors as it may unlock new use cases and drive adoption.
Additionally, XLM’s recent price action is attributed to institutional interest in the cryptocurrency due to its low fees, fast settlement times, and programmable asset issuance capabilities. The coin recently became an increasingly popular choice for cross-border payroll due to its unique features, with institutions such as Franklin Templeton tokenizing a massive $446 million worth of U.S. Treasuries on Stellar.
Furthermore, integrations like PayPal’s PYUSD have contributed to rising demand for XLM. Meanwhile, the asset’s Total Value Locked (TVL) in DeFi has reached an all-time high at $122.4 million according to data from DeFiLlama.
Source: coinpedia.org
