Stellar Lumens’ surge Paves Way for Further Gains
Stellar Lumens (XLM) is soaring,with its value nearly doubling since July. Record network activity and an upcoming protocol upgrade drive bullish sentiment.
Currently trading at $0.43, XLM boasts a market cap of over $13 billion. It’s up 97% from its July low. Technical indicators and the Protocol 23 upgrade suggest more upside.
The three-day XLM chart reveals bullish patterns. A double-bottom formed near $0.22 in April and June, followed by a neckline at $0.3350. This setup usually precedes gains.
- XLM has formed a bullish pennant pattern.
- The price could hit $0.7270 if it breaks out above $0.6356.
- A drop below $0.3350 would negate the bullish outlook.
XLM’s strength comes from growing smart contract transactions. Recently,the network surpassed 100 million transactions. The total value locked in DeFi reached $150 million.
Nansen data shows XLM transactions up 11% in 30 days, reaching 81.85 million. Active addresses climbed 49% to 493,774.
The stablecoin supply also jumped by 10% in 30 days to $222 million. This aligns with Stellar’s aim to simplify payments and cut costs.
The Protocol 23 upgrade, set for September, introduces optimizations for Soroban transactions and parallel execution. Such upgrades typically boost token prices.
